Iraq Denies OPEC Exit Rumors, Urges Oil Quota Reassessment

The Iraqi Oil Ministry has strongly denied reports that Baghdad is considering leaving the Organization of the Petroleum Exporting Countries (OPEC). However, the government is urging the bloc to reassess its oil production quotas to reflect Iraq's actual capacity and severe economic needs.

Recent media reports suggested Iraq might exit OPEC following the UAE’s recent departure if it was not granted a significant quota increase. Iraq's oil-dependent economy faces massive strain due to conflicts and export disruptions via the Strait of Hormuz caused its output to plummet from 4.2 million to 1.48 million barrels per day.

In an official statement ministry clarified that withdrawing has not been discussed. Instead, Iraq remains committed to OPEC but emphasizes that production ceilings must account for its "special situation" following decades of war and infrastructure damage.

OPEC and its allies (OPEC+) are currently working with independent consultants to reassess members' maximum sustainable capacities to set 2027 output baselines. Iraqi officials expect this technical review to yield a fairer production ceiling, enabling the country to rebuild its economy and maintain its position as OPEC's second-largest producer.