Iraq recently sent a delegation to Saudi Arabia seeking a higher production quota from OPEC to support its goal. Chevron signed MOUs for the West Qurna 2 and Nassiriya oilfields; West Qurna 2, currently producing 460,000 bpd, aims for 750,000-800,000 bpd under Chevron's operational control, while Nassiriya targets 600,000 bpd within seven years. This expansion presents a significant opportunity for Chevron but also adds risk due to Iraq's reliance on the Strait of Hormuz for oil exports, prompting Chevron to evaluate bypass pipeline options.