Iraq Seeks Sharp Increase in Oil Output Quota During OPEC+ Capacity Review

Iraq is seeking a sharp increase in its oil output quota as OPEC and its allies assess members' capacity and set next year's production ceilings. According to Sina Finance, people familiar with the matter said Iraq wants future production targets to be based on 6 million barrels per day, well above the current benchmark level. The process remains confidential, and Iraq's Oil Ministry has not responded to a request for comment. Iraq, OPEC's second-largest oil producer, signaled in June that it could leave OPEC+ if it did not receive a sufficiently high capacity benchmark. OPEC and its partners have hired outside consultants to assess each member's actual maximum capacity so quotas better reflect real production ability. The review is due by the end of this month and will be considered for approval at the oil ministers' meeting at the end of November.