Eco
The Ministry of Oil confirmed Iraq's commitment to the OPEC+ production ceiling set at 4.431 million barrels per day, while aiming to increase it in the coming year. The ministry explained that Iraq continues crude oil production and export despite regional challenges, including the closure of the Strait of Hormuz, to support the federal budget and provide the necessary revenues for the government to meet its financial obligations. It noted that Iraq raised its production in October and possesses a sustainable maximum production capacity that far exceeds the current ceiling, alongside ongoing plans to develop oil fields and increase production capacities in the coming years. The ministry affirmed Iraq's adherence to the production ceiling set in OPEC+ agreements, while continuing efforts to raise this ceiling in line with growing production capabilities. It added that an international consulting firm commissioned by OPEC is currently evaluating the sustainable maximum production capacities of all member countries, with Iraq hoping that this evaluation will contribute to revising its production ceiling to reflect its real capabilities and consider its economic particularities and the exceptional circumstances it has experienced in recent years. The ministry clarified that any increase in the production ceiling depends on consensus among OPEC+ member countries, as well as developments in global oil supply and demand, aiming to achieve balance and stability that preserves the interests of both producers and consumers.
