According to the Oil minister, Iraq is in negotiations regarding its OPEC production quota, which currently stands at 4.4 million barrels per day, Commerzbank's commodity analyst Carsten Fritsch notes.

Iraq seeks higher OPEC quota amid rising exports

"Iraq's available production capacity is 5.5 million barrels per day, the Oil minister said. The timing of the news comes as no surprise, as Iraq currently exports 3.6 million barrels of Oil, which is around 200,000 barrels per day more than in the previous month."

"This is because Oil exports from the northern Iraqi province of Kurdistan resumed in October after an Oil pipeline to the Mediterranean port of Ceyhan in Turkey was put back into operation at the end of September after being closed for two and a half years. According to the Oil minister, exports via this pipeline amount to up to 200,000 barrels per day. Without an increase in its production quota, Iraq would have to reduce its Oil production in the southern Oil fields in order to avoid violating the OPEC+ production agreement again."

"Iraq is also likely to point out that the United Arab Emirates was granted an increase in its production quota of 300,000 barrels per day this year. It is therefore conceivable that Iraq will demand an increase in its production quota equivalent to the exports via the aforementioned pipeline at the next regular OPEC+ meeting at the end of November."