ERBIL, Kurdistan Region - Iraq and the Kurdistan Region are currently producing nearly 1.5 million barrels of oil per day (bpd), the oil ministry said Monday, as OPEC+ prepares to raise production targets next month despite ongoing disruptions to regional oil exports.
Salim al-Rikabi, spokesperson for Iraq's oil ministry, told Rudaw that the combined oil production of Iraq and the Kurdistan Region currently stands at "nearly 1.5 million barrels per day."
Before the outbreak of the Iran-US-Israel conflict on February 28, Iraq was producing more than four million barrels of oil per day, according to the ministry. More than three million barrels were exported daily, with around 90 percent of Iraq's oil exports shipped through the Strait of Hormuz.
Rikabi said OPEC+ members agreed during a June 7 meeting to increase oil production targets by 188,000 bpd starting in July. As part of the agreement, Iraq's production quota will increase by 26,000 bpd.
OPEC is an alliance of 12 oil-exporting nations that coordinates policies to stabilize global oil markets. OPEC+ expands the group by including major non-member producers to exert greater influence over global oil supply.
However, Rikabi said it remains unclear whether Iraq will be able to implement the increase or fully benefit from it due to weakened regional trade and export disruptions.
The latest OPEC+ decision marks the fourth consecutive monthly increase in output quotas by the alliance. Reuters reported on Sunday that Iraq's quota will rise by 26,000 bpd under the agreement.
In an effort to restore export capacity, Erbil and Baghdad reached an agreement in March to resume oil exports through the Kurdistan Region's pipeline to Turkey. Under the deal, crude from fields in the Kurdistan Region and Kirkuk was to be exported via Turkey's Ceyhan port after Iraq's exports were severely affected by restrictions in the Strait of Hormuz during the conflict.
Oil exports remain a critical source of revenue for both Baghdad and Erbil. In February, Iraqi Oil Minister Hayyan Abdul Ghani said crude exports from the Kurdistan Region through Turkey's Ceyhan port had ranged between 200,000 and 210,000 bpd before regional tensions escalated.
Hastyar Qadir contributed to this article.
