Iraq piles pressure on OPEC over quota dispute after UAE exit
Iraq wants OPEC to raise its quota as output at five southern fields climbs toward 3 million barrels per day, officials said.
- On Thursday, Iraq signaled it might exit OPEC if the group refuses to raise oil production quotas to match the country's rising output capacity, though officials stressed they currently intend to remain a member.
- Iraqi Prime Minister Ali al-Zaidi recently emphasized rebuilding the economy, as the country struggles with current output significantly below its 4.378 million barrel-per-day quota due to the Strait of Hormuz disruption.
- The United Arab Emirates' departure less than two months ago created fresh strain for OPEC, as Iraq—one of the group's five founding members—now cites similar frustrations regarding its own production limits.
- OPEC+ is currently conducting a review of members' oil output capacity, with findings expected later this year to help determine 2027 production targets.
- Oil prices dipped below $73 a barrel following the news, while a Russian oil source noted the Iraqi comments do not represent a major challenge to the current OPEC+ deal.
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EXCLUSIVE: Iraq warns it might leave OPEC if oil quota not raised ...
Iraq warns it may leave OPEC unless output quota is raised: report
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. Read: US eases I…
Iraq denies reports it may leave OPEC amid dispute over production limits
Bloomberg earlier reported that Iraq could eventually reconsider its membership but has no current plans to leave OPEC and remains committed to the group's framework, citing Oil Ministry spokesperson Salim Al-Rikabi.
The background is the severe financial crisis in the country as a result of the Iran war. A withdrawal would be another serious blow for the Opec after the United Arab Emirates left.
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