Iraq presses OPEC for higher quota as export routes remain strained
Why it matters: Iraq says oil exports have been hit by its reliance on Gulf shipping, even as it pushes to raise flows through Turkey.
Iraq is pressing OPEC to significantly raise its oil production quota after reports that Baghdad had considered leaving the group amid the dispute. The oil ministry later said those reports did not reflect the government’s official position, but it reiterated its demand for a quota review. The pressure comes after the United Arab Emirates exited OPEC in April and as Iraq’s oil-dependent economy faces strain from disrupted Gulf shipping tied to the Iran war. Baghdad approved plans this month to boost crude exports through the Kurdistan-Turkey pipeline to 770,000 barrels a day from 220,000, creating an alternative route to Turkey’s port of Ceyhan.