Last weekend’s Opec+ ministerial meeting has left Iraq with little to celebrate. If Baghdad had a sliver of hope that it would be afforded a symbolic quota upgrade to help it manage its acute overproduction, the implicit message from fellow Opec members was clear: compensation first, any upside later.

A roadmap to gradually end the 220,000 b/d ‘voluntary’ portion of Iraq’s output cuts by October 2025 offers some relief. But, even if this goes ahead as planned (MEES, 7 June), Iraq’s end-2025 quota will be set at 4.22mn b/d which is broadly in line with current production levels. (CONTINUED - 1035 WORDS)