Iraq Seeks Higher OPEC Output Share in Talks with Saudi Arabia

Iraqi Oil Minister Bassem Mohammed Khudair Al-Abbadi and Finance Minister Falih al-Sari arrived in Riyadh on Friday for high-level meetings with their Saudi counterparts. The Iraqi delegation aimed to strengthen commercial and energy ties with the Kingdom while implementing significant reforms to Iraq's oil policy.

The visit comes as Baghdad seeks to increase its oil output from 4 million barrels per day before the regional crisis to between 8 million and 10 million bpd within six years. Oil remains the backbone of government finances, accounting for almost 88% of state earnings last year. The initiative is crucial for Iraq, which has been impacted by delays at the Strait of Hormuz.

The Iraqi team met with Saudi Energy Minister Prince Abdulaziz bin Salman and Finance Minister Mohammed Al-Jadaan to discuss cooperation in oil, gas, power, and other energy-related sectors. Prime Minister Ali al-Zaidi emphasized that Iraq had dispatched the group to secure a higher OPEC output share.