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Iraq said it is seeking a production ceiling above its current 4.431 million barrels per day for 2027, citing increased production and capacity expansion plans. Any increase depends on OPEC+ agreement and the group’s assessment of members’ sustainable capacity; Iraq said it would maintain production and exports despite regional tensions and the Strait of Hormuz closure.
A higher quota could allow more Iraqi crude onto the market, adding supply and weighing on crude prices if approved. The increase is not yet agreed, so the near-term price effect is limited.
shafaq.comShafaaq NewsNov 7, 2026After 215 past bearish policy events, Crude Oil (WTI) moved a median +0.1% over 5 sessions (51% higher; middle half -4.4% to +3.3%), and +0.2% over 20.
After 210 past bearish policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (48% higher; middle half -3.8% to +3.2%), and +0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
