OPEC+ holds output steady as Iraq seeks bigger quota
Iraq's production claims clash with independent measurements while the oil-producing group OPEC+ sets its output levels.
By Standard Topic. AI-generated from the reporting listed under Coverage. Published . Updated .
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What happened
Iraq says it pumps over 5 million barrels a day, but independent analysts measure far less, and Oil Minister Basim Khudair is seeking a higher OPEC output ceiling. Seven OPEC+ producers have kept their December output unchanged, while Iraq plans to reach 7 million barrels a day by 2030 and 10 million by 2032.
Why it matters
The gap between Iraq's claimed output and measured figures threatens its campaign for a higher OPEC+ production quota. OPEC ministers are scheduled to meet on November 29.
Timeline
- Nov 8, 7:00 PM ET: Iraq claimed its oil production exceeds 5 million barrels per day, above its current OPEC+ target of 4.431 million.
- Nov 9, 7:22 AM ET: Iraqi Oil Minister Basim Khudair said Iraq would negotiate with OPEC to raise its output and obtain a larger export cap.
- Nov 9, 10:40 AM ET: Independent analysts' measurements showed a gap of about 900,000 barrels per day from Baghdad's figures, threatening Iraq's push.
- Nov 10, 12:24 AM ET: OPEC+7 kept its December oil production targets unchanged, a widely expected move.
Coverage
- Oil prices continue to fall as OPEC production rises (voiceofemirates.com)
- Middle East oil flows recover slowly as Hormuz risks persist
- OPEC output recovers near pre-conflict levels as Brent tops $90
- Iraq seeks higher OPEC quota as output claims face doubt
- Iraq asks OPEC+ for bigger oil output allowance
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