Iraq Seeks Higher Oil Quota as OPEC+ Reviews Production Capacities

Iraq is seeking to boost its oil production quota within OPEC+, as the alliance reviews its member countries' production capacities for next year. According to Bloomberg, people familiar with the matter stated that Iraq wants to use a baseline of six million barrels per day (bpd) when calculating future output targets.

This request comes after the group assigned Iraq's current quota at 4.431 million bpd for September and October. The review aims to align production quotas with actual capacities, with a consultancy tasked with determining each member's realistic maximum production level.

The review is expected to be completed by the end of this month, with oil ministers scheduled to approve its findings in late November. Iraq had hinted at considering leaving OPEC in June, which could put pressure on the alliance's cohesion.