Iraq is reportedly seeking a significant rise in its oil production quota as OPEC and its allies evaluate member nations' capacity to set output ceilings for the coming year, according to people familiar with the matter. The second-largest producer within the group is aiming to base its future output target on a benchmark of 6 million barrels per day, a substantial jump from its current baseline, the sources said, asking not to be identified as the process is confidential.

The Iraqi oil ministry has not yet responded to requests for comment. The organization was founded in Iraq six decades ago, adding a layer of historical significance to these negotiations. Back in June, Baghdad hinted it could walk away from the OPEC+ alliance if it failed to secure a sufficiently high capacity baseline, a move that would deal another blow to the coalition after the United Arab Emirates, another key Middle East member, withdrew earlier.

As part of this effort, OPEC and its partners have enlisted external consultants to assess each member's actual maximum production capacity, aiming to align quota assignments more closely with real-world capabilities. The evaluation is scheduled for completion by the end of this month and will be reviewed for approval at the oil ministers' meeting in late November.