Iraq seeks higher OPEC quota, aims for 8-10 million bpd in six years
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Iraqi Prime Minister Ali al-Zaidi said on Friday he sent a delegation to Saudi Arabia to seek a higher OPEC output quota. The country plans to raise oil production to between 8 million and 10 million barrels per day over the next six years. The move comes as Iraq seeks to expand exports through Turkey, Syria, and Jordan to bypass the disrupted Strait of Hormuz.
Key Facts
- Iraqi Prime Minister Ali al-Zaidi announced the delegation to Saudi Arabia at the Baghdad Dialog policy conference on Friday.
- Iraq produced around 4 million barrels per day before the Iran war, and now targets 8–10 million bpd within six years.
- The delegation is headed by Iraq's ministers of oil and finance.
- OPEC+ has appointed DeGolyer and MacNaughton to assess maximum sustainable capacities, with findings due at the end of September.
- The Iraq-Turkey Pipeline to Ceyhan currently carries around 170,000 barrels per day.
OPEC Quota Negotiations
Iraq sent a delegation to Saudi Arabia on Friday to discuss raising its OPEC production quota. The delegation is led by Iraq's ministers of oil and finance, Prime Minister Ali al-Zaidi said at the Baghdad Dialog policy conference. Saudi Arabia is OPEC's de facto leader and a key partner in the negotiations. OPEC+ has appointed Texas-based DeGolyer and MacNaughton to independently assess maximum sustainable capacities of most members, including Iraq. The consultancy is expected to present its findings to the OPEC Secretariat at the end of September, after which discussions will begin on new production baselines for use from 2027.
Export Expansion Plans
Iraq is working to expand exports through Turkey's Ceyhan port and to begin exporting oil through Syria's Baniyas port and Jordan's Aqaba port. The plans to export oil via a pipeline to Syria's Baniyas, to avert future disruptions in Hormuz, will likely require four years of construction and cost at least $15 billion, sources told Reuters this week. The Iraq-Turkey Pipeline to Ceyhan, Iraq's only functioning oil export pipeline, currently carries around 170,000 barrels per day. The narrow Hormuz waterway between Iran and Oman carried about a fifth of global oil and liquefied natural gas supplies before the war. Despite two ceasefire deals between Washington and Tehran signed in April and June, traffic in the strait remains significantly below pre-war levels and ships continue to face attacks in the area.
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Iraq seeks higher OPEC quota, aims for 8-10 million bpd in six years
