Iraq in Talks With OPEC to Raise Oil Output to 5 Million Barrels Per Day

Iraq is holding talks with OPEC on raising its crude oil production target to 5 million barrels per day, the country's oil minister said. The minister indicated that other OPEC members are expected to follow with higher production levels. OPEC and its allies have been unwinding voluntary production cuts implemented in prior years.

The group agreed in late 2024 to begin gradual increases starting in April 2025, with further steps taken in subsequent months. Iraq's current production stands below the proposed new target. Reaching 5 million barrels per day would represent a significant expansion of its export capacity from existing fields and infrastructure.

The minister did not provide a specific timeline for when an agreement might be reached or when any additional barrels could reach the market. OPEC meets regularly to coordinate production levels among its 12 member countries.

Global oil markets have seen fluctuating prices in recent months as supply and demand dynamics shift. Higher production from OPEC members could add to global supply if demand growth slows. Iraq is the second-largest producer within OPEC after Saudi Arabia. Any agreed increase in its baseline quota would require adjustments to the group's overall production framework.