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Iraq Demands Higher Oil Production Quotas from OPEC
Energy Minerals · Oil & Gas Production · yonhap_finance · 2026-09-09
Iraq, a founding member of OPEC, is pushing for an increase in its daily oil production quota to 6 million barrels, threatening to leave the group if denied.
What Happened
Quota Dispute: Iraq is actively seeking to increase its oil production quota to 6 million barrels per day, citing dissatisfaction with current limits. The country's current production cap is set at approximately 4.43 million barrels per day.
Threat of Withdrawal: Iraq has hinted at the possibility of withdrawing from OPEC if its demands for a higher quota are not met. This follows the departure of the UAE earlier this year, raising concerns about the future cohesion of the oil cartel.
OPEC Review Process: OPEC+ is currently conducting an external review of member production capacities to adjust quotas to reflect current realities. While the results are expected to be ratified at the ministerial meeting in late November, it remains uncertain whether Iraq's specific demands will be accommodated.
Market Implications: As the second-largest producer in OPEC, Iraq's potential exit would significantly undermine the organization's influence over global oil markets. Coupled with similar rumblings from other members like Venezuela, the group faces a critical test of its market control.