Iraq is seeking a substantial increase in its OPEC+ production quota during the
group's capacity review, targeting a 6.0 mln bpd baseline — a marked rise from
its recent output levels, according to people familiar with the matter. Iraq
hinted in June it could quit OPEC if it is not granted a sufficiently high
baseline; such an exit would be a major blow to the group after the UAE’s
departure. OPEC+ has commissioned external advisers to assess each member's
maximum achievable capacity; the review is due to be completed at the end of
this month and is expected to be approved at the Nov. oil ministers' meeting.
Venezuela is also closely watching the situation and is considering an exit as
it negotiates a major deal with Trump that would give the US substantial control
over part of its oil reserves.
