Iraq intends to explore all potential avenues if its production quota within OPEC is not substantially elevated, a senior official from the Iraqi Ministry of Oil informed Reuters. Concurrently, separate sources indicated that Iraqi officials had contemplated withdrawing from the organization, although the prevailing strategy remains to retain membership while advocating for an increased quota.
Such a consideration by Iraq to depart from OPEC would represent a significant challenge to the bloc, following the withdrawal of the United Arab Emirates earlier this year. Iraq holds the distinction of being one of the five founding members of OPEC, an organization established in the Iraqi capital.
OPEC has not yet issued a formal response to a request for comment on the matter.
The Iraqi official emphasized that the nation is currently navigating a severe financial crisis exacerbated by the ongoing conflict with Iran. Consequently, a considerable increase in its OPEC quota is deemed essential and requires urgent attention.
OPEC+, a coalition that includes the Organization of the Petroleum Exporting Countries and allied oil-producing nations such as Russia, is central to global oil market dynamics.
