Iraq Seeks 6 Million Barrel Quota Hike from OPEC Amid Capacity Review
Iraq is seeking an increase in its oil production quota from OPEC and its allies as they conduct a review of members' capacities. The country wants future targets to be calculated from a baseline of 6 million barrels a day, which is significantly higher than its current level. Iraq's oil ministry did not comment on the matter.
The group's second-biggest producer has hinted that it could quit OPEC if denied a sufficiently high baseline, which would deal a major blow to the alliance. The review process is due to be completed by the end of this month and ratified by oil ministers in late November.
The outcome will have significant implications for global oil market balances and major firms negotiating a return to Iraq such as Chevron Corp. and Exxon Mobil Corp.