Iraq is OPEC's second-largest producer, exporting roughly 3.4 million barrels per day primarily through southern Basrah ports and a smaller volume from Kurdistan via the Ceyhan pipeline. Iraq routinely struggles with OPEC+ quota compliance and has been a focal point in the cartel's production discipline disputes.
Current Context
Iraqi production has averaged above its OPEC+ quota for most of 2026, with the cartel pressuring Baghdad to compensate via deeper future cuts. Basrah Medium currently trades at a steep discount to Brent due to quality differentials and shipping risk through the Persian Gulf.