Economy News – Baghdad
OPEC+ Coalition Increases Iraq’s Oil Production Quota
The OPEC+ coalition has reached an agreement to elevate Iraq’s oil production quota to 4.11 million barrels per day, effective later this year.
This decision was made during a review of global market conditions by the coalition, which comprises eight member states: Iraq, Saudi Arabia, Russia, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman.
Additionally, the coalition reaffirmed its commitment to restoring the voluntary reductions in crude oil production that were earlier announced in April and November 2023, set to begin in the coming month.
According to the established framework, Iraq’s oil production will see a rise of 12,000 barrels per day for April, resulting in a total output of 4.012 million barrels per day. This increase will be mirrored in May, bringing production to 4.024 million barrels per day, with the anticipated peak in December reaching 4.11 million barrels per day.
Moreover, projections indicate that Iraq’s production share will exceed 4.22 million barrels per day from September to December 2026.
Presently, the coalition is managing a reduction of approximately 2.2 million barrels per day, with the resumption of these quantities slated for April 1st. The coalition maintains adaptability to market conditions, allowing for possible adjustments in this gradual increase, including potential halts or reversals.
It is relevant to note that the OPEC+ alliance has an ongoing official reduction in place targeting two million barrels per day, which is scheduled to persist until the conclusion of 2026.
In April 2023, the coalition initiated a voluntary reduction of 1.65 million barrels per day, with this measure planned to extend through the end of 2024, followed by an additional cut of 2.2 million barrels per day announced in November of the same year, which will remain in effect until the end of March.
For more updates, subscribe to our channel on Telegram
