Baghdad:The Ministry of Oil has reiterated its commitment to maintaining crude oil production and export operations, which are crucial for providing the federal budget with necessary revenues to support the government’s financial obligations.

According to National Iraqi News Agency, the ministry announced that Iraq was able to elevate its production levels in October and possesses a maximum sustainable production capacity that significantly exceeds its current production ceiling. This development aligns with ongoing plans to enhance oil field development and boost production capacities in the forthcoming years.

The ministry emphasized Iraq’s adherence to the production ceiling established within the OPEC+ agreements, set at 4 million and 431 thousand barrels per day. However, efforts are being made to increase this ceiling in the upcoming year to match Iraq’s expanding production capabilities. A global consulting firm commissioned by OPEC is conducting an assessment of maximum sustainable production capacities, which Iraq hopes will result in an adjusted production ceiling that accurately reflects its production potential, considering its economic conditions and recent exceptional circumstances.

The ministry also highlighted that any increase in the production ceiling is dependent on agreements among OPEC+ member states and changes in global oil supply and demand. This is part of a collective goal to achieve balance and stability in oil markets, while protecting the interests of both producing and consuming nations.