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Iraq Seeks Big Oil Output Increase, Chevron Signs MOUs for West Qurna 2

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Sig1.85Sen+1.25Env-1.60Soc0.00Gov+0.30

Iraq is seeking a higher OPEC production quota, targeting 8–10 million bpd within six years, after output fell during the Iran-related disruptions to flows through the Strait of Hormuz. Chevron signed MOUs with Iraq for the West Qurna 2 and Nassiriya oilfields, with aims to reach 750,000–800,000 bpd after Chevron takes over and 600,000 bpd within seven years of work start.

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