Iraq will increase oil exports by 2% following the latest agreement among OPEC+ G8 countries on a gradual increase in production.

According to the Iraqi Oil Ministry and the national oil company SOMO, the country's oil exports averaged 3.38 million bpd in August, and in September, they could rise from 3.4 million to 3.45 million bpd. Following the latest G8 agreements, the parties agreed to increase production in October at a slower rate than the previous month—by 137,000 bpd. Iraq's quota now stands at 4.237 million bpd.

According to SOMO CEO Ali Nizar al-Shatari, increased Iraqi exports are expected to generate hundreds of millions of dollars in additional revenue for the country at current prices. He did not specify the volume of export growth in October, but said that additional oil production of 200,000 barrels per day would help replenish the budget.