Iraq Seeks Higher Oil Production Quota Amid OPEC Talks

Baghdad has asked OPEC for a significant increase in its oil production baseline to 6 million barrels daily, Bloomberg reports. This is higher than Iraq's current production rate of 3.37 million barrels per day, as reported by OilPrice.com.

Iraq wants this new baseline to be used for future quotas, according to unnamed sources with knowledge of the matter. The country has been hit hard by Iran's closure of the Strait of Hormuz, its primary crude export route.

Besides seeking a higher baseline, Iraq aims to boost oil production to between 8 and 10 million barrels daily in six years, despite current disruptions. Before the war began, Iraq was producing some 4 million barrels daily.