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Iraq seeks higher OPEC output quota, aiming for 8 to 10 million bpd
Iraq also targets production growth over the next six years, after seeking a higher OPEC quota and warning it could leave the group if it cannot.
Iraq has sent a delegation to Saudi Arabia seeking a higher output quota from OPEC, while warning it could follow the UAE and exit if the group does not raise its volume limits, according to coverage by The Motley Fool via Yahoo Finance.
The country’s goal is to grow output to between 8 million and 10 million barrels per day within six years, more than double the roughly 4 million bpd it had been producing before the Iran-war slowdown that affected flows through the Strait of Hormuz.
The report also frames how the push could affect major energy producers. Chevron, for example, has signed memorandums of understanding with Iraq covering the West Qurna 2 and Nassiriya fields, including a possible take of operating control of West Qurna 2, which it currently produces at about 460,000 bpd.
Chevron’s potential plans include nearly doubling West Qurna 2 output to 750,000 to 800,000 bpd, as well as targeting initial Nassiriya capacity of 600,000 bpd within seven years, with the company also evaluating a pipeline project designed to bypass the Strait of Hormuz.