Iraq wants to more than double its oil production within six years. First, it needs OPEC to let it.
Baghdad is targeting output of between 8 million and 10 million barrels per day, up from roughly 4 million bpd before the Iran war, Prime Minister Ali al-Zaidi said Friday.
Despite the ongoing stalemate in the U.S.-Iran talks and persistent risks to shipping in the Middle East, oil prices fell in Asian trading on Thursday, weighed down by cuts to 2026 oil demand forecasts from both OPEC and the International Energy Agency.
Kuwait produced 1.971 million barrels of crude oil daily in July, Reuters has reported, citing unnamed sources. That was up from 1.65 million barrels daily in June, the report noted, which in turn was up from just 580,000 barrels daily in May.
Iraq stepped up its push for bigger OPEC production quotas as it seeks to recoup oil sales that were lost because of the Iran war, even raising the prospect that it could consider an exit in the future.
The United Arab Emirates’ plan to ditch the oil producers’ group Opec and strike out alone is being viewed as a huge blow for the organisation, with one analyst describing it as “the beginning of the end of Opec”.
Nigeria should market its crude oil to new buyers as the UAE’s decision to leave OPEC is dislocating the balance that the cartel and the OPEC+ group have been seeking for years, according to Wole Ogunsanya, chairman of the Petroleum Technology Association of Nigeria (PETAN). The official urged Nigeria’s state oil and gas firm NNPC […]
Nigeria recorded its strongest oil production performance so far in 2026, as total liquid output rose to 1.66 million bpd in April from 1.54 million bpd in March, although crude output fell short of the 1.5 million bpd quota allocated to the country by the Organisation of Petroleum Exporting Countries (OPEC).
Nigeria’s oil production rose 106,000 month-on-month to 1.48 million barrels per day in the month of May. That’s according to data from OPEC Monthly Oil Market Report. Meanwhile, investors continue to monitor the fragile Middle East ceasefire and await outcome of talks between U.S. President Donald Trump and China’s Xi Jinping in Beijing. Chinnan Dikwal, Vice Chair of African Energy Council joins CNBC Africa for more.
OPEC’s second-largest producer, Iraq, is offering huge discounts of up to $33.40 per barrel off the official selling prices for its crude that has to move through the Strait of Hormuz.
The United Arab Emirates has announced its decision to quit OPEC and OPEC+ to focus on “national interests”, dealing a heavy blow to the oil-exporting groups at a time when the US-Israel war on Iran has caused a historic energy shock and rattled the global economy.