Iraq weighs raising oil exports beyond OPEC cap, considers exit option

BAGHDAD, Iraq — Iraqi officials are discussing increasing oil exports beyond the production ceiling set by OPEC, with the proposal expected to be raised after Prime Minister Ali Zidani's visit to Washington next month, according to government sources. The sources said Iraq could consider withdrawing from the organization if OPEC rejects requests from member countries to raise output. On the same day, the Basra Oil Company ordered a halt to pumping at the West Kurna-2 field and instructed that production be cut to 50,000 barrels per day, citing force majeure conditions in the area. Iraqi oil prices fell sharply in trading, with Basra Heavy down 4.09% to $45.78 a barrel and Basra Medium down 3.91% to $47.88. Separately, the North Oil Company said the Iraq–Turkey pipeline running from Kirkuk to the Ceyhan terminal is being prepared, with a trial shipment set to begin within two weeks. Iraq had previously sought at least a one-year extension of the pipeline agreement.