Iraq may reconsider its membership in OPEC if the producer group does not increase the country’s oil production quota, according to a report by Bloomberg citing Iraq’s Oil Ministry.
Oil Ministry spokesperson Salim Al-Rikabi said Iraq has no immediate plans to leave the Organization of the Petroleum Exporting Countries and remains committed to working within the group’s framework and mechanisms.
However, Al-Rikabi said Iraq intends to increase oil production in line with its production capacity and domestic requirements, arguing that OPEC should adjust the country’s output quota accordingly.
According to the report, he warned that if the quota is not revised, Iraq would have to consider whether to remain a member of the organisation or withdraw.
The comments come as Iraq’s oil exports have been significantly reduced by the war, increasing pressure on Baghdad to seek greater flexibility to boost production.