Iraq Seeks Higher Oil Output Quota Amid Recovery Efforts

Iraq's Prime Minister Ali al-Zaidi announced plans to increase oil production to between 8-10 million barrels per day in six years. This target is part of a larger effort to boost output and make up for lost time due to the Iran war.

The conflict has severely impacted oil exports, with Iraq producing around 4 million barrels per day before the outbreak. Al-Zaidi sent a delegation headed by the ministers of oil and finance to Saudi Arabia to discuss raising Iraq's OPEC quota.

OPEC+ has appointed DeGolyer and MacNaughton to assess the maximum sustainable capacities of its members, including Iraq. The consultancy will present its findings in September, after which discussions on new production baselines for 2027 will begin.