Iraq produces more than 5 million barrels of oil per day — Asharq Al-Awsat

Iraq produces more than 5 million barrels of oil per day, Oil Minister Bassem Mohammed told the state news agency INA. Asharq Al-Awsat reports this. The minister made the statement on Saturday, November 7.

Efforts to increase the OPEC quota

According to Reuters, Baghdad is seeking to secure an increase in its production quota from OPEC. Iraqi authorities are under pressure from the economic consequences of the war with Iran and new investments by major oil companies, which are increasing pressure to boost production.

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Reuters notes that this effort could potentially cause disagreements between Iraq and the group of oil producers.

Budget dependence on oil

According to Reuters, the conflict has particularly affected Iraq: the country was forced to significantly reduce oil exports and lost part of its oil revenue. Last year, oil provided 88% of Iraqi government revenue.