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Iraq's New Oil Minister Has Announced Iraq Willing to Work With OPEC to Revise Oil Quotas, Reserves

The lifting of Iran’s sanctions have meant that Iraq’s 14% quota needs revision

Iraq’s New Oil Minister, Jabar Ali al-Luaibi has announced Iraq wants to work with OPEC to increase oil exploration, exports and OPEC quotas that are currently 14%. Al-Luaibi stated, “we will work to draw up stable policies and work to achieve balance within the Organization of the Petroleum Exporting Countries.” The lifting of Iran’s sanctions have meant that Iraq’s 14% quota needs revision while considering the current market conditions. 

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