Iraq will be compelled to consider all available options if its OPEC quota is not significantly increased, a senior Iraqi oil ministry official told Reuters on Thursday. Separate sources told Reuters Iraqi officials had considered leaving OPEC, but the current plan was to remain a member and seek a higher quota.
Potential Blow to OPEC
The prospect of Iraq considering an exit from OPEC would be a further blow to the group after the departure of the United Arab Emirates this year. Iraq is one of five founding members and the group was formed in the Iraqi capital. OPEC did not immediately respond to a request for comment.
Financial Crisis Driving Demands
Iraq is enduring a critical financial crisis on the back of the Iran war and a significant increase in its OPEC quota is a must and should be treated with utmost seriousness, the Iraqi official source told Reuters. OPEC+ is comprised of the Organization of the Petroleum Exporting Countries and allied producers including Russia.
