Sharing borders with three other OPEC Member Countries – the Islamic Republic of Iran, Kuwait and Saudi Arabia – Iraq covers an area of around 438 thousand square kilometres. It has a population of about 43 million, one fifth of which lives in the capital, Baghdad.

The Organization of the Petroleum Exporting Countries (OPEC) was founded in Baghdad, Iraq, with the signing of an agreement in September 1960 by five countries namely Islamic Republic of Iran, Iraq, Kuwait, Saudi Arabia and Venezuela. They were to become the Founder Members of the Organization.

The Organization of the Petroleum Exporting Countries (OPEC / ˈ oʊ p ɛ k / OH-pek) is a cartel enabling the co-operation of leading oil-producing and oil-dependent countries in order to collectively influence the global oil market and maximize profit.It was founded on 14 September 1960, in Baghdad by the first five members which are …

1 day ago · OPEC announced in August that it received updated compensation arrangements from Iraq and Kazakhstan for their overproduced quantities for the first seven months of 2024.

Aug 29, 2024 · In coordination with HRH Prince Abdulaziz bin Salman Al-Saud, Minister of Energy of Saudi Arabia and the Chairman of the OPEC and non-OPEC Ministerial Meetings under the Declaration of Cooperation (DoC), HE Haitham Al Ghais, OPEC Secretary General, has concluded official visits to Iraq and Kazakhstan to discuss market conditions and underscore ...

May 11, 2024 · Iraq's oil minister said on Saturday Iraq had made enough voluntary oil production reductions and would not agree to any additional cuts taken by OPEC+ at its next meeting early next month.

Aug 29, 2024 · OPEC on Thursday said that Iraq presented clear and determined steps to compensate for over-produced volumes of oil and gave assurances that it would achieve full conformity going forward.

Feb 12, 2024 · Iraq is committed to OPEC decisions and after its second voluntary cut announced in December it is also committed to producing no more than 4 million barrels per day (bpd), oil minister Hayan...

Dec 23, 2024 · Iraq, the second-largest producer in Opec, plans to increase its crude oil production to 6 million barrels per day (bpd) by 2028, state-owned Iraqi News Agency (INA) reported in September, citing deputy minister for extraction affairs Basim Khudair.

Jul 14, 2024 · Iraq on July 13 acknowledged it produced 184,000 b/d over its OPEC+ quota in June, based on secondary sources estimates, and pledged to compensate for its excess output by a September 2025 deadline under the latest OPEC+ agreement by making additional cuts of equivalent volume.