Baghdad (IraqiNews.com) – Iraqi Oil Minister Hayan Abdul-Ghani said on Monday that Iraq was in negotiations over the size of its quota within its available capacity of 5.5 million barrels per day.
Under existing OPEC+ arrangements, Iraq’s quota is 4.4 million barrels per day, which Baghdad claims restricts its revenue capabilities.
Any changes to Iraq’s quotas might have an impact on global oil supply flows and market pricing, according to Modern Diplomacy.
OPEC’s coordinated production limitations are critical to maintaining oil prices, and Iraq’s quest for a higher cap may stir internal discussions over harmonizing national interests and the group’s strategy.
According to Abdul-Ghani, Iraq is committed to OPEC’s present structure but seeks flexibility to match its investment in additional production capacity.
Experts are closely monitoring developments, as any signs of a quota adjustment could influence oil prices.
Negotiations are anticipated to continue inside the OPEC+ committee until the group’s next ministerial meeting. The discussions will determine if Iraq will raise its production limit amid persistent global demand uncertainties.
