Iraq’s 5 Million Bpd Oil Claim Complicates Its OPEC Quota Push

AI Summary

Iraq’s oil minister says the country is producing more than 5 million barrels per day, well above its current OPEC+ production requirement. The claim complicates Baghdad’s push for a larger quota as OPEC+ prepares to determine production levels for 2027.

Iraq's campaign for a larger OPEC production allocation has taken a complicated turn after Oil Minister Basim Mohammed Khudair said the country is already producing more than 5 million barrels per day, more than half a million barrels above its current OPEC+ requirement. Khudair’s statement raises a basic question over Iraq’s current production as OPEC prepares to set production levels for 2027. Just six days earlier, Baghdad joined six other OPEC+ producers in agreeing to maintain current production requirements for December, leaving…