Iraq seeks OPEC quota increase to expand production, aiming to rival Saudi Arabia’s 12 million bpd capacity within six years.
Iraq plans to increase its oil production to between 8 million and 10 million barrels per day within six years, more than doubling its current output. The move follows a delegation to Saudi Arabia to negotiate a higher OPEC quota, with threats to leave the group if demands are unmet.
Before the Iran war, Iraq produced 4 million bpd, while Saudi Arabia currently produces up to 12 million bpd. Iraq’s ambitions could reshape global supply dynamics, particularly if it secures foreign investment to develop key fields.
Chevron (NYSE:CVX) is among the energy firms positioned to benefit, with agreements to expand production at West Qurna 2, one of the world’s largest oil fields, from 460,000 bpd to 750,000-800,000 bpd.