Iraq Wants to Raise OPEC Production Quota by 6 Million Barrels a Day

Background Iraq has announced its intention to increase the OPEC production quota by 6 million barrels per day, a move that aligns with its goal of reaching 10 million barrels per day by 2030.
Iraq's Proposal The country is seeking a baseline‑based increase, arguing that its current production capacity can support the higher output.
OPEC+ Production Ceiling OPEC+ has set a production ceiling of 4,431 million barrels for September and October, a figure that Iraq’s proposal would push beyond.
IEA and Bloomberg Data The International Energy Agency estimates Baghdad’s sustainable capacity at 4.9 million barrels per day.
Bloomberg reports that Iraq pumped an average of 2.98 million barrels per day in August.
Decision Process OPEC and its allies have appointed an external consultant to align quotas with actual production capacity.
The process is expected to conclude by the end of the month and be approved at the November meeting of oil ministers.
Market Implications If crude exports from the Basra Gulf resume, the market could face an oversupply, affecting major oil companies and global market balances.
Political Developments Oil Minister Basim Mohammed Hudayir said the government is negotiating with OPEC to raise production to 5 million barrels per day.
Prime Minister Ali ez‑Zeydi has reiterated the 10 million barrels per day target for 2030.
The proposal could create tension within OPEC and impact global oil market equilibrium.