Iraq Seeks 6 Million Barrel Per Day Production Baseline in OPEC+ Capacity Review

Iraq is pushing for a substantial increase in its oil production quota within OPEC+, seeking to have future output targets calculated from a baseline of 6 million barrels per day. This proposal would represent a major increase from Iraq's current production limits, which are currently set at 4.431 million barrels per day for September and October. The country's oil ministry did not immediately respond to a request for comment.

According to Bloomberg News, the review is intended to establish new baselines for OPEC+ members based on their maximum physical production capacity rather than existing quotas. An external consultant has been appointed to assess the capacity of individual producers, with the process expected to be completed by the end of September and formally approved by oil ministers when they meet in late November.

For Iraq, the stakes are particularly high, as it seeks to maximise revenues from its vast oil resources. Oil Minister Basim Mohammed Khudair previously stated that Baghdad was discussing with OPEC the possibility of raising production to 5 million barrels per day once the conflict involving Iran ends. Prime Minister Ali al-Zaidi also mentioned that Iraq aims to produce about 10 million barrels per day by 2030.