Iraq plans to raise oil production capacity to more than 6 million barrels per day (bpd) by 2029, according to the state news agency, which cited the oil ministry. The oil ministry undersecretary stated that the target will be achieved through oil exploration and nationwide drilling activity, highlighting a recent deal with BP to redevelop four Kirkuk oil and gas fields. Iraq’s current oil output is approximately 4 million bpd. As the second-largest producer within the OPEC+ group, Iraq reaffirmed its commitment to the group’s output agreement last month and plans to present an updated compensation plan for any previous overproduction. OPEC+ is reducing output by 5.85 million bpd, about 5.7% of global supply, through a series of steps agreed upon since 2022, with scheduled supply increases set to begin in April.