Iraq said it might one day consider leaving OPEC unless the group accommodates it with a higher oil production quota, just a few months after the United Arab Emirates quit the group so that it could pump more, according to Bloomberg.
“The ministry currently has no intention of withdrawing from OPEC, and we remain committed to operating within the organization’s framework and mechanisms,” Oil Ministry spokesman Salim Al-Rikabi said in a text message. “Of course, taking into consideration that the Ministry is moving forward with increasing its production to align with its capabilities and needs, the organization should raise Iraq’s production level. Otherwise, a decision will have to be made regarding whether to remain in or withdraw from OPEC.”
The Organization of the Petroleum Exporting Countries was rocked in recent months by the departure of the UAE, a longstanding member, following years of tension with group leader Saudi Arabia over restraints on its output.OPEC and its partners have commissioned a review of how much each member is technically able to pump, due to be completed later this year and used to help set output targets in 2027.
