Iraqi Prime Minister Urges OPEC to Reconsider Oil Export Quota

Iraqi Prime Minister Mohammed Shia Al-Sudani has publicly called for a reassessment of Iraq's oil export quota within OPEC to better reflect the country's substantial oil reserves, production capacity, population, and economic needs. Speaking at the Baghdad International Energy Forum, he emphasized that Iraq's current export quota does not align with its proven reserves of around 150 billion barrels or its production potential, which supports Iraq's growing role in global energy markets. Sudani highlighted Iraq's plans to expand refining capacity, diversify export routes, and prioritize gas utilization while advancing renewable energy projects, aiming for at least 40% of exports to be refined products by 2030. He stressed the importance of increasing oil revenues to fund Iraq's post-conflict reconstruction, infrastructure, and public services, noting that oil revenues constitute over 90% of the national budget. The prime minister also announced efforts to attract major oil companies through preferential procedures and new investment opportunities in refineries and integrated energy projects. These calls come ahead of an OPEC+ meeting considering further output adjustments, with Iraq aiming to secure a fairer production quota consistent with its real oil potential and development needs.