Iraq Navigates OPEC Quota Amid Fluctuating Oil Production

Iraq is currently negotiating adjustments to its OPEC production quota, which stands at 4.4 million barrels per day (bpd), despite its larger capacity of 5.5 million bpd. This was confirmed by Oil Minister Hayan Abdel-Ghani at a recent oil conference.

The nation, known as OPEC's biggest overproducer, submitted a proposal in April to further cut output to compensate for previous levels that exceeded the agreed quotas. Abdel-Ghani reiterated Iraq's commitment to its current quota with oil exports at 3.6 million bpd.

Despite a fire at the southern Zubair oilfield, exports remained unaffected, the minister assured. Additionally, exports from the northern Kurdistan region range from 195,000 to 200,000 bpd. Operations at the Kirkuk oil pipeline to Ceyhan resumed in late September after a prolonged closure, initiating its first exports in October.