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Iraq aims to more than double oil output to 8-10M bpd in 6 years, seeks higher OPEC quota; Chevron signs MOUs to develop key fields.
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.
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