BP is ramping up drilling in the Kirkuk oil fields to expand its production in Iraq. The move is part of a 25-year agreement to redevelop several oil fields in the north of the country. The group aims to raise combined output from 300,000–328,000 barrels per day to an initial target of 450,000 barrels per day. The announcement was viewed as a potential source of additional crude supply for WTI, although analysts assign only a 3% probability of the price reaching $140 by the end of November. Observers will track drilling results, any further expansion announcements and production decisions by OPEC+.
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