After UAE and Qatar, could Iraq be next to leave OPEC?
Iraq is seeking a higher production quota as the effective closure of the Strait of Hormuz has slashed oil revenues and plunged the country into a fiscal crisis.
Iraq is reportedly weighing all options, including leaving the Organization of Petroleum Exporting Countries, if the cartel does not raise its production quotas and allow Baghdad to export more oil.
What happened: Reuters reported on Thursday, citing sources familiar with the matter, that Iraq could leave the group if it is not allowed to significantly increase oil production.
Journalist Hadley Gamble posted on X Wednesday that she interviewed Iraqi Prime Minister Ali al-Zaidi in Baghdad, who reportedly told her that Iraq would consider “suspending” its OPEC membership if it was prevented from producing in line with its capabilities.
Iraq’s Oil Ministry said in a statement on Thursday that reports suggesting it was considering ending its membership in OPEC did not reflect the government’s official position.
