Baghdad has set an ambitious target to more than double its crude oil production capacity over the next six years, aiming for output levels between 8 million and 10 million barrels per day compared to current production of roughly 4 million bpd, according to Prime Minister Ali al-Zaidi. The expansion plan hinges on securing approval from OPEC members, who control the organization's production quotas and allocation framework. To advance its case, Iraq dispatched senior oil and finance ministers to Saudi Arabia to negotiate for increased production allowances within the cartel's framework.
OPEC+ has commissioned independent engineering firm DeGolyer and MacNaughton to conduct a comprehensive assessment of the maximum sustainable production capacity across most of its member states, including Iraq. This technical evaluation is expected to inform quota negotiations and production ceiling decisions for the organization moving forward. The independent assessment underscores OPEC's formal review process as member nations seek adjustments to their allocated production limits based on technical capacity data.
Iraq's production expansion ambitions reflect broader regional energy dynamics and the country's economic recovery trajectory. The initiative represents a significant shift from recent output levels and signals Baghdad's confidence in its petroleum infrastructure and technical capabilities to sustain elevated production rates over the medium term.
