Iraq's Biggest OPEC+ Cut in Years

Iraq is seeking to increase its share of oil production within the OPEC+ alliance, demanding that its future targets be calculated based on a reference production capacity estimated at 6 million barrels per day, compared to the current target of around 4.43 million barrels. These demands are part of a review of the member countries' capacities currently being conducted by OPEC and its allies, with the aim of establishing new baseline production levels for 2027. Such a move could give Iraq an opportunity to expand its share and oil revenues, which is vital since oil is the main source of revenue for the Iraqi budget. Although OPEC+ maintained its October production policy without changes, adjusting the baseline levels might open possibilities for future increases in production. However, it also complicates the balance within the alliance—especially as countries that have invested in expanding their capacities seek to secure larger shares.

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