OPEC+ Increases Iraq’s Oil Production Quota
The OPEC+ coalition has reached a consensus to enhance Iraq’s oil production quota to 4.11 million barrels per day by the end of 2023. This decision underscores the coalition’s ongoing evaluation of global market conditions and future outlooks.
The group, comprising member nations including Iraq, Saudi Arabia, Russia, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, convened to assess these critical factors affecting the oil market. As part of their agreement, the coalition countries reiterated their commitment to reinstating previously announced voluntary production cuts that were initiated in April and November 2023, effective at the beginning of next month.
Under the new terms, Iraq’s oil output will see an incremental rise of 12,000 barrels per day. Specifically, production will increase to 4.012 million barrels per day in April, followed by a further increase to 4.024 million barrels per day in May. By December, Iraq’s total production is projected to reach 4.11 million barrels per day.
Moreover, the oil production share allotted to Iraq is expected to rise even further, surpassing 4.22 million barrels per day from September to December 2026.
This strategic adjustment within the OPEC+ framework reflects the coalition’s responsiveness to the dynamic landscape of the oil market and its focus on stabilizing supply levels to meet both current and anticipated demand.
