Iraq Contemplates OPEC Exit Over Production Quota Dispute

Deep News06-25 22:11

A senior official, speaking on condition of anonymity, has indicated that Iraq may consider leaving OPEC in the future unless the organization increases the country's oil production quota.

The official stated that Baghdad views an expansion of output as necessary to address fiscal difficulties stemming from lost sales during the Iran war. With a peace agreement now reached between Washington and Tehran last week, oil supplies from the Persian Gulf are resuming.

In recent months, OPEC has been impacted by the departure of long-time member the United Arab Emirates. The exit followed years of tensions between the UAE and the group's leader, Saudi Arabia, over oil production limits.

OPEC and its partners have commissioned a review to assess the technical production capacity of each member. This review is scheduled for completion later this year and will be used to help set production targets for 2027.

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