Iraq seeks higher OPEC+ oil quota for 2027

Shafaq News- Baghdad

Iraq is seeking to raise its OPEC+ production ceiling above the current 4.431 million barrels per day in 2027 while remaining committed to the agreed limit, the Oil Ministry said on Saturday.

The ministry said production increased in October and Iraq’s maximum sustainable capacity was well above its current ceiling, but provided neither an October production total nor a capacity estimate. Plans to develop oilfields and expand capacity will continue over the coming years.

An international consultancy commissioned by OPEC is assessing members’ maximum sustainable production capacity, though any increase would depend on agreement among OPEC+ members and global supply and demand, the ministry said. It also pledged to maintain production and exports despite regional tensions and the continued closure of the Strait of Hormuz, as oil revenues were needed to fund the federal budget and meet government financial obligations.

On November 1, seven OPEC+ producers, including Iraq, agreed to keep production targets unchanged for December, OPEC said. The group’s next meeting is scheduled for November 29. OPEC has also explained that the capacity assessment will serve as a reference for 2027 production baselines.

Iraq’s crude exports averaged about 3.5 million barrels per day in October, including about 400,000 bpd through Turkiye’s Ceyhan port, two energy officials told Reuters on November 4. Baghdad has been moving additional southern crude into its northern export network to increase shipments through that route.

Read more: No exit but Hormuz: Iraq's economic vulnerability exposed