Iraq formally requested OPEC lift its production baseline to 6 million barrels per day (bpd). This marks a substantial increase from its current quota of 4.431 million bpd.
OPEC is conducting an external review of members' production capacities. Findings are anticipated by the end of September. Oil ministers will review these findings in November.
This move highlights Iraq's long-term ambition to expand its market share. Officials cite goals of reaching 10 million bpd by 2030.
Iraq's current output, however, is significantly lower than its request. Output was estimated at 2.98 million bpd in August due to export disruptions.
The International Energy Agency (IEA) estimates Iraq's sustainable production capacity is closer to 4.9 million bpd. This indicates a considerable gap with Baghdad's new target.