Iraq may reconsider its membership in OPEC if the producer group does not raise the country's oil production quota, Bloomberg reported on Thursday, citing Iraq's Oil Ministry. The ministry has no current intention of withdrawing from the Organisation of the Petroleum Exporting Countries and remains committed to working within the group's framework and mechanisms, Bloomberg reported, citing Oil Ministry spokesman Salim Al-Rikabi.
Iraq's Production Plans and OPEC's Response
However, Iraq is moving ahead with plans to increase oil production in line with its capabilities and needs, and OPEC should raise the country's production quota accordingly, Al-Rikabi said. Otherwise, Iraq would have to decide whether to remain in the group or withdraw, according to the Bloomberg report. The comments came as Iraq's oil exports have been sharply curtailed by the war, increasing pressure on Baghdad to seek more room to raise output.
Recent Strains Within OPEC
OPEC has faced a fresh strain in recent months after the United Arab Emirates left the group following years of tension with Saudi Arabia over production limits. Bloomberg reported OPEC and its allies have also commissioned a review of each member's technical production capacity. The review is expected to be completed later this year and used to help determine output targets for 2027.
