Iraqi Prime Minister Mohammed Shia Al Sudani has urged OPEC to reconsider the country’s export quota, arguing it does not reflect Iraq’s vast oil reserves, production capacity, or financial needs. Speaking at the Baghdad International Energy Forum, Al Sudani highlighted the necessity of increased revenues to support reconstruction and services in a country recovering from decades of conflict.
Iraq currently produces over four million barrels per day (bpd) and exported an average of 3.38 million bpd in August, with September exports expected to rise slightly. The Prime Minister emphasized Iraq’s openness to foreign investment in oil and gas projects, offering preferential procedures to major companies to expand production and enhance the country’s role in global energy markets.
The forum also showcased Iraq’s recent infrastructure and energy sector achievements, including agreements with Oman’s OQ Group for crude storage and global marketing, as well as advanced talks with ExxonMobil for storage and refining capacity in Asia. Iraq’s proven reserves, estimated to sustain global markets for at least 120 years, underpin its long-term expansion plans.
Al Sudani’s call comes ahead of the OPEC+ monthly meeting, where the alliance, led by Saudi Arabia and Russia, is reviewing production levels. Amid rising U.S. inventories and global supply concerns, OPEC+ is expected to weigh further production adjustments to balance the market.
