Baghdad targets doubling production within six years but requires OPEC to raise its quota, officials said.
Iraq aims to increase oil production to between 8 million and 10 million barrels per day within six years, up from 4 million barrels currently. Prime Minister Ali al-Zaidi announced the plan, emphasizing the need for OPEC to adjust Iraq’s production quota to achieve the target.
The country has dispatched its oil and finance ministers to Saudi Arabia to negotiate a higher OPEC+ quota. OPEC+ recently commissioned DeGolyer and MacNaughton to assess members’ sustainable production capacities, including Iraq’s, as part of the process.
No immediate market reaction was reported, but the move could pressure OPEC+ to reconsider output limits for member nations.