Iraq is seeking a substantial increase in its OPEC+ production quota as the group prepares to reassess members' maximum sustainable output, according to a report by Bloomberg.
The country wants future OPEC+ production targets to be based on a capacity of 6 million barrels per day. Its current OPEC+ ceiling is 4.431 million barrels per day for September and October, while actual output averaged 2.98 million barrels per day in August. Bloomberg's survey attributed the August decline to the Iran conflict disrupting oil flows through the Strait of Hormuz.
OPEC+ has engaged an external consultant to assess members' maximum sustainable production capacity. The review is scheduled to be completed by the end of September, with results due to be ratified by oil ministers in November.
The International Energy Agency estimates Iraq's sustainable production capacity at about 4.9 million barrels per day, making recognition of a 6 million-barrel baseline uncertain. Iraq has previously threatened to leave OPEC if its quota is not raised sufficiently.
