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Iraq's premier says he hopes producers will reconsider oil export quota
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Iraq's premier says he hopes producers will reconsider oil export quota
Sep 6, 2025 5:54 AM

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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.

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