Iraq Targets Record Oil Output with Six-Year Expansion Plan

Iraq has set its sights on significantly increasing its crude oil production capacity within six years. According to Iraqi Prime Minister Ali al-Zaidi, the country aims to reach between 8-10 million barrels per day (mmbbl/d) by then, more than doubling its pre-conflict output of around 4 mmbbl/d.

This expansion plan comes as Iraq seeks to expand its production capacity and secure a larger share of the Organization of the Petroleum Exporting Countries (OPEC) market. The country has sent a delegation, including the oil and finance ministers, to Saudi Arabia to seek a higher production quota from OPEC.

Iraq's push for a higher quota comes as OPEC and its allies (OPEC+) prepare to establish new production baselines for 2027. DeGolyer and MacNaughton have been commissioned to assess members' production capabilities, with the results expected in September.