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Iraq targets 10 million barrels of daily oil production within six years
Iraqi Prime Minister Ali Al-Zaidi has announced an ambitious plan to increase the country's oil production to between 8 and 10 million barrels per day within the next six years. To support this goal, Baghdad is seeking a higher production quota within the OPEC+ framework, sending a delegation to Saudi Arabia to negotiate.
This expansion comes as Iraq faces significant logistical challenges due to the closure of the Strait of Hormuz following conflict between Iran and the United States. To mitigate these disruptions, Iraq is diversifying its export routes, utilizing the Ceyhan pipeline in Turkey and exploring increased shipments through Syria and Jordan.
As part of the broader OPEC+ process, the American consulting firm DeGolyer and MacNaughton is currently conducting an independent assessment of the maximum sustainable production capacity for member states. The findings are expected to be delivered to the OPEC Secretariat in late September, which will inform negotiations for new production baselines to be implemented in 2027.
Additionally, Iraq has recently secured approximately $200 billion in energy sector contracts with international firms including Chevron, Halliburton, and HKN Energy to develop various oil fields.
Entities
Ali al-Zaidati · Ali al-Zaidi · Chevron · DeGolyer and MacNaughton · Iraq · OPEC+ · Saudi Arabia
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 2 SOURCES] The US-based firm DeGolyer and MacNaughton is conducting an independent assessment of the maximum sustainable production capacity for OPEC+ members. www.reporter.gr · www.newsit.gr
- [○ 1 SOURCE] The closure of the Strait of Hormuz due to conflict between Iran and the United States poses a major challenge to Iraqi oil exports. www.arabnews.pk
- [● 3 SOURCES] Iraq's oil production was approximately 4 million barrels per day before the conflict with Iran. www.reporter.gr · www.arabnews.pk · www.newsit.gr
- [○ 1 SOURCE] Iraq has signed approximately $200 billion in energy sector contracts with companies including HKN Energy, Chevron, and Halliburton. www.malatyaguncel.com
- [● 4 SOURCES] Iraq aims to increase oil production to between 8 and 10 million barrels per day within the next six years. www.reporter.gr · www.malatyaguncel.com · www.arabnews.pk · www.newsit.gr
- [● 4 SOURCES] Iraq is seeking a higher production quota within the OPEC+ framework. www.reporter.gr · www.malatyaguncel.com · www.arabnews.pk · www.newsit.gr
- [● 2 SOURCES] Iraq is working to increase oil exports through the Ceyhan pipeline in Turkey, as well as through Syria and Jordan. www.malatyaguncel.com · www.arabnews.pk
- [● 2 SOURCES] OPEC+ expects to receive the results of the production capacity assessment from DeGolyer and MacNaughton in late September. www.reporter.gr · www.newsit.gr