Iraq supports OPEC decisions and plays a vital role in maintaining global oil market stability. Iraqi Oil Minister Hayan Abdul-Ghani stressed this point in a recent statement to INA. As a founding member and the second-largest producer within OPEC, Iraq actively helps keep OPEC’s policies consistent.
Moreover, Iraq has contributed significantly to unifying OPEC decisions, especially regarding production quotas. Abdul-Ghani highlighted Iraq’s involvement in coordinating agreed production rates that balance producer and consumer interests.
Additionally, Iraq played a key role in the second voluntary output cut, which helped stabilize global markets. This move benefited oil producers by supporting prices and consumers by reducing extreme volatility.
Currently, Iraq is among eight OPEC+ countries implementing a production adjustment of 411,000 barrels per day for July 2025. This adjustment follows a December 2024 agreement, which aims for a gradual, flexible return to a 2.2 million barrel per day voluntary cut starting April 2025.
Furthermore, Iraqi officials revealed plans to increase oil production beyond six million barrels per day by 2028 or 2029. This goal shows Iraq’s commitment to boosting output while honoring OPEC agreements.
However, Iraq’s oil production slightly declined in 2023. The country averaged 4.4 million barrels daily, down from previous years, according to Statista. Between 2005 and 2019, Iraq steadily increased its production, peaking at 4.78 million barrels daily. Since then, output has gradually decreased.
Clearly, Iraq supports OPEC decisions by balancing production to stabilize markets. The country’s role remains crucial for both regional and global oil dynamics.
In summary, Iraq’s commitment to OPEC cohesion benefits oil producers and consumers worldwide. Its efforts help keep markets steady amid changing conditions. Looking ahead, Iraq plans to enhance its oil infrastructure and invest in technology to boost production efficiency. The government remains committed to working closely with OPEC members to ensure market stability while meeting rising global energy demands responsibly.
