Iraq Seeks Higher OPEC Quota for Six-Year Oil Expansion Plan
Iraq's Prime Minister Ali al-Zaidi announced plans to raise oil production to between eight million and ten million barrels per day over the next six years, requiring a higher OPEC quota. To achieve this goal, Iraq sent a delegation to Saudi Arabia to discuss raising its output level.
The country aims to increase exports through various routes, including Turkey's Ceyhan port, Syria's Baniyas port, and Jordan's Aqaba port. This expansion will help avoid disruptions in the Strait of Hormuz, which has been affected by ongoing regional conflicts.
Iraq is seeking a higher quota from OPEC as part of its six-year oil expansion plan. The country currently produces around four million barrels per day but hopes to reach eight to ten million barrels by 2027.