Iraq Oil Ministry warns of OPEC exit over production quota

Shafaq News- Baghdad

Iraq's Oil Ministry said on Thursday it could reconsider the country's membership in OPEC if the organization does not raise its oil production quota, after government sources told Shafaq News Baghdad was weighing such a move.

"There is currently no intention to withdraw from OPEC, and we remain committed to working within the organization's framework," ministry spokesperson Salim Al-Rikabi said in a statement received by Shafaq News.

Al-Rikabi added that the ministry is pressing ahead with plans to increase Iraq's oil production in line with the country's capabilities and future needs, stressing that OPEC should raise Iraq's production quota.

“If the organization fails to do so, Iraq will decide whether to remain a member or withdraw.”

Government sources told Shafaq News on Wednesday that Baghdad is weighing higher oil exports beyond OPEC's production ceiling and could consider leaving the organization if its request for a larger production quota is rejected, with any decision likely after Prime Minister Ali Al-Zaidi's planned visit to Washington next month.