Iraq has asked the OPEC leadership for a significantly higher crude oil production baseline for future quotas, Bloomberg has reported, citing unnamed sources with knowledge of the matter. According to these sources, Baghdad wants its future quotas in the group to be set on a daily production baseline of 6 million barrels of crude.
This is substantially higher than the country’s current production rate, which, as of August, stood at some 3.37 million barrels daily. However, the August daily average was markedly higher than the July average,…