Iraq has set a target to increase its oil production capacity to more than 6 million barrels per day (bpd) by 2029, as reported by the state news agency citing the country's oil ministry. Bassem Mohamed Khodeir, the undersecretary of the oil ministry, mentioned that Iraq plans to achieve this goal through oil exploration and extensive drilling activities, highlighting a recent partnership with BP to redevelop four oil and gas fields in Kirkuk.

Currently, Iraq's oil output is approximately 4 million bpd, according to oil ministry officials. The country, the second-largest producer in the OPEC+ group which includes the Organization of the Petroleum Exporting Countries and allied nations like Russia, has reaffirmed its commitment to the group's output agreement. Iraq also stated its intention to present an updated plan to make up for any past overproduction.

OPEC+ has been reducing output by 5.85 million bpd, accounting for about 5.7% of the global supply, through a series of agreed-upon measures since 2022. The group is scheduled to commence planned increases in the oil supply starting in April.