Iraq wants to pump 8 million to 10 million barrels of crude a day within six years, more than double the roughly 4 million barrels a day it produced before conflict cut into its output. Iraqi Prime Minister Ali al-Zaidi announced the target at the Baghdad Dialog policy conference on August 21, according to Reuters. The expansion is meant to grow Iraq's share of the OPEC market as the country builds out production capacity.
Delegation heads to Saudi Arabia
Baghdad has sent a delegation, including its oil and finance ministers, to Saudi Arabia to press OPEC for a higher production quota. Iraq is OPEC's second-largest producer after Saudi Arabia and one of the group's five founding members. The push comes as Iraq looks to draw on new upstream investment and reduce its exposure to disruptions along its established export routes through the Strait of Hormuz.
New baselines coming in 2027
Baghdad's request lands as OPEC+ prepares new production baselines for 2027. The alliance has commissioned DeGolyer and MacNaughton to assess members' production capabilities, with results expected in September. That assessment is expected to feed into the 2027 baseline negotiations.
Iraq's current quota was set at 4.378 million barrels a day for July, a figure reported in June. Iraq has also been working with OPEC+ to gradually restore its voluntary production cuts, part of an effort to increase the country's production capacity over the coming months.
Key figures
- Target: 8 million to 10 million barrels a day within six years
- Pre-conflict output: about 4 million barrels a day
- July quota: 4.378 million barrels a day
- WTI crude: $84.65 a barrel as of June 15 (EIA)
