Iraqi oil ministry says no plans to leave OPEC

Iraq’s oil ministry said Friday that Prime Minister Ali al-Zaidi has not raised the issue of leaving OPEC, dismissing speculation that Baghdad plans to exit the group.

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Iraq agrees to 188,000 oil bpd as part of OPEC+ commitment

On Tuesday, the United Arab Emirates (UAE), which was the fourth biggest producer in OPEC+, announced that it will exit the OPEC and OPEC+ oil cartels starting May 1, in a shift to focus on advancing its “national interests.”

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UAE to withdraw from OPEC to focus on ‘national interests’

The decision comes following a “comprehensive review” of the country’s production policy, and its current and future capacity,“ particularly given the ongoing near-term geopolitical volatility stemming from disruptions in the Arabian Gulf and the Strait of Hormuz, which are impacting supply dynamics,” the Emirati energy ministry said. 

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Iraq to raise oil output by 26,000 bpd as OPEC+ states agree April increase

Iraq will increase its oil production by 26,000 barrels per day in April as part of a wider OPEC+ decision by eight countries to raise output by a combined 206,000 barrels per day.

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Iraq eyes increase in OPEC quota to boost revenues, says advisor

Mazhar Mohammed Saleh, financial advisor to Prime Minister Mohammed Shia’ al-Sudani, stated that Baghdad is seeking a “gradual and limited” increase in oil production, in a manner that does not pose a threat to the oil market within the OPEC framework.

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OPEC+ oil production boost does not mean increased exports: Economist

Eight OPEC+ countries have agreed to increase oil production by 137,000 barrels per day starting in October. Iraq will add 17,000 barrels, but experts say the move will not raise exports or revenues.

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Baghdad Energy Forum sees Iraq announce plans to revive oil exports via Syria pipeline

Iraqi Prime Minister Mohammed Shia’ al-Sudani said his government is holding talks to restart oil exports through Syria and extend the Basra-Haditha pipeline, while Oil Minister Hayan Abdul Ghani outlined plans to cut emissions and boost Iraq’s role as a global energy hub.

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The biggest threat to Iraq's future: A drop in oil prices

In simple terms, Iraq exports roughly 3.2 to 3.4 million barrels per day; a drop in oil prices of only one dollar per barrel would lose Iraq between 3.2 and 3.4 million dollars per day.

Peshraw Mirany

Opinion

Iraq plans to increase oil production to 6 million bpd by 2029: ministry 

“The ministry seeks to increase oil and gas production capacities within a clearly defined five-year plan, targeting a ceiling exceeding six million barrels per day between 2028 and 2029."

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