OPEC+: Iraq's oil production on the rise
Shafaq News/ OPEC+ agreed, on Tuesday, to gradually raise Iraq’s oil production quota, reaching 4.11 million barrels per day (bpd) by the end of 2025.
According to media reports, ministers from the eight-member alliance—comprising Iraq, Saudi Arabia, Russia, the UAE, Kuwait, Kazakhstan, Algeria, and Oman—reviewed global market conditions and future projections before deciding on the phased output increase.
Under the agreement, Iraq’s production quota will rise by 12,000 bpd in April to 4.012 million bpd, followed by another 12,000 bpd increase in May, bringing the total to 4.024 million bpd. By December, Iraq’s production will reach 4.11 million bpd. The quota is set to increase further to over 4.22 million bpd between September and December 2026.
OPEC+ has implemented voluntary cuts totaling 2.2 million bpd, with plans to gradually restore production from April, while retaining flexibility to adjust based on market conditions.
The group continues to enforce an official 2 million bpd production cut through 2026. Additionally, voluntary cuts of 1.65 million bpd—announced in April 2023—are set to remain in place until the end of next year. A separate 2.2 million bpd cut, introduced in November 2023, will stay effective through March 2025.
