Politics
Iraq denies withdrawal from OPEC while signaling possible exit over quota dispute
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Iraq denies withdrawal from OPEC while signaling possible exit over quota dispute
Iraq's oil ministry has denied any government proposal to leave OPEC, but officials have warned that Baghdad may reconsider its membership if production quotas are not raised.
- The Iraqi Oil Ministry issued a statement on Thursday denying any government proposal to withdraw from OPEC, saying the prime minister has not raised the issue.
- Oil Ministry spokesperson Salam al-Rikabi said the ministry remains committed to OPEC's mechanisms but is proceeding with production increases, and that a decision on withdrawal would be made if the quota is not raised.
- A senior Iraqi oil official told Reuters that Iraq faces a severe financial crisis due to a drop in oil exports caused by the Iran war, and demanded the quota increase be taken seriously.
- Earlier, the director general of Iraq's state oil marketing company, SOMO, ruled out any intention to leave OPEC, stating the membership is necessary to limit price volatility.
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