Iraq Eyes Dramatic Oil Production Boost Amid Regional Disruptions

Iraq is planning to increase its oil production to between 8 million and 10 million barrels per day within six years, according to Prime Minister Ali al-Zaidi.

To achieve this goal, Iraq has sent a delegation to Saudi Arabia, OPEC's de facto leader, to discuss raising the country's OPEC quota. The delegation is headed by Iraq's ministers of oil and finance.

Iraq's current production levels are around 4 million barrels per day, which was affected by the Iran war that led to a blockade on the Strait of Hormuz. This has resulted in significantly lower oil exports through this waterway.

The new plans also include expanding exports through Turkey's Ceyhan port and beginning oil exports through Syria's Baniyas port and Jordan's Aqaba port, which will require four years of construction and cost at least $15 billion.