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Eight OPEC+ states to consider output hike on Sunday
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Iraq's OPEC envoy says attention focussed on market
balance
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Sudani says Iraq looking to facilitate entry of oil majors
(Adds details, background throughout)
BAGHDAD, Sept 6 (Reuters) - Iraq hopes fellow producers
will reconsider its oil export quota to better reflect its
production capacity, Prime Minister Mohammed Shia al-Sudani said
on Saturday, a day ahead of an OPEC+ meeting in a rare public
comment by a senior Iraqi official.
Iraq, the group's largest overproducer, is under pressure
from the Organization of the Petroleum Exporting Countries to
cut output to compensate for having produced more than its
agreed volume.
It is among countries that submitted plans in April to make
further oil output cuts to compensate for pumping above agreed
quotas.
Iraq's oil exports averaged 3.38 million barrels per day in
August, according to the oil ministry. September average oil
exports are expected to be between 3.4 million bpd and 3.45
million, the chief of the state oil company SOMO said on
Saturday.
OPEC counts oil flows from Kurdistan as part of Iraq's
quota.
Sudani previously appealed publicly for a review of Iraq's
production quota in late 2022.
OPEC+, which includes OPEC members plus Russia and other
allies, has reversed its strategy of output cuts from April and
has already raised quotas by some 2.5 million barrels per day,
about 2.4% of world demand.
The move is intended to boost market share and follows
pressure from U.S. President Donald Trump to lower oil prices.
Eight countries from OPEC+ are set to meet online on Sunday
to consider a further output hike.
Another output boost would mean OPEC+, which pumps about
half of the world's oil, would be starting to unwind a second
layer of cuts of about 1.65 million barrels per day, or 1.6% of
world demand, more than a year ahead of schedule.
Responding to a question about Sunday's meeting, Iraq's OPEC
representative Ali Nazar said attention was focused on balancing
the market, whether through increases, maintaining current
production, or cuts.
Separately, Sudani also said there would be arrangements to
facilitate the entry of major oil companies to Iraq.
In the past two years, Iraq has signed agreements with oil
majors that had previously retreated from the country, including
Chevron ( CVX ), France's TotalEnergies and UK oil
major BP.