OPEC must appreciate Iraq’s bid for higher quota: minister
OPEC must appreciate Iraq’s request for a higher oil output quota to offset its losses due to conflicts over the past four decades, the Arab country’s oil minister said. Bassim Khudair said in a local TV interview that Iraq, OPEC’s second largest crude exporter, has been locked in talks with the group for an increase ...
The oil minister of Iraq, Bassim Khudair, has emphasized the need for OPEC to recognize Iraq's request for a higher oil output quota. Iraq, the second-largest crude exporter in the organization, has been engaged in discussions with the group for an increase in its production quota, currently standing at around 4.3 million barrels per day (bpd).
The nation has suffered significant losses over the past four decades due to internal conflicts, external wars, and military attacks by ISIS militants. Khudair believes that OPEC must understand Iraq's position as the country has been severely harmed for over 40 years due to conflicts and misguided policies. Iraq has faced more losses due to ISIS attacks and bravely defended the world against the terror group.
In September of last year, then Prime Minister Mohammed Al-Sudani had already demanded a higher OPEC quota during an international energy forum in Baghdad, citing Iraq's vast crude resources, growing population, increasing oil production capacity, and the need for more petrodollars to fund post-war development. In June, the Iraqi oil ministry rejected rumors of Iraq's potential withdrawal from OPEC, instead calling for a reassessment of production quotas based on member states' circumstances.
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