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Iraq requests OPEC+ production baseline increase to 6 million barrels per day
Iraq, the second-largest producer within OPEC, has formally requested to increase its oil production baseline to 6 million barrels per day. This request is part of an ongoing OPEC+ capacity audit intended to realign quotas with sustainable production capabilities.
There is a notable discrepancy between Iraq's request and current estimates. While Baghdad seeks a 6 million barrel per day baseline, the International Energy Agency (IEA) estimates Iraq’s sustainable capacity at approximately 4.9 million barrels per day. Furthermore, actual production in August was significantly lower, averaging around 2.98 million barrels per day, due to regional disruptions.
Iraq has long-term ambitions to expand its energy sector, targeting production levels of 8 to 10 million barrels per day by 2030. These goals are supported by investment partnerships with major energy companies including BP, TotalEnergies, ExxonMobil, and Chevron. The results of the current capacity review are expected to be finalized by the end of the month, with formal ministerial ratification of new quotas anticipated in late November.
Entities
International Energy Agency · Iran · Iraq · OPEC · Saudi Arabia
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 2 SOURCES] Iraq requested an OPEC+ production baseline of 6 million barrels per day. banker.az
- [● 2 SOURCES] Iraq targets an oil production level of 10 million barrels per day by 2030. banker.az
- [● 2 SOURCES] Iraq produced an average of 2.98 million barrels of oil per day in August. banker.az
- [● 2 SOURCES] The International Energy Agency estimates Iraq’s sustainable production capacity at 4.9 million barrels per day. banker.az