On June 25, Iraq urged OPEC to allow increased oil production after its exports were severely reduced due to the closure of the Strait of Hormuz from the US-Iran war. On June 26, Iraq's Oil Ministry announced that OPEC had begun gradually restoring Iraq's pre-war production allocations. By June 29, revenue pressures from the economic crisis caused by the Iran war and new oil major investments were driving Iraq's aggressive push for a larger OPEC production quota.
Revenue pressures from the economic crisis caused by the Iran war and fresh oil major investments are driving Iraq's aggressive push for a larger OPEC production quota, according to media reports.
Read the full storyIraq's Oil Ministry announced OPEC has begun restoring pre-war production allocations to support output capacity and sector recovery.
Iraq urges OPEC to allow increased oil production to offset a steep drop in exports caused by the Strait of Hormuz closure from the US-Iran war.