Says it remains committed to OPEC but wants its production quota raised to match its oil output capacity
Iraq may reconsider its membership in OPEC if the producer group does not raise the country's oil production quota,Bloombergreported on Thursday. citing Iraq's Oil Ministry.
The ministry has no current intention of withdrawing from the Organisation of the Petroleum Exporting Countries. remains committed to working within the group's framework and mechanisms,Bloombergreported, citing Oil Ministry spokesman Salim Al-Rikabi.
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However, Iraq is moving ahead with plans to increase oil production in line with its capabilities. needs, and OPEC should raise the country's production quota accordingly, Al-Rikabi said.
Otherwise, Iraq would have to decide whether to remain in the group or withdraw, according to theBloombergreport.
The comments came as Iraq's oil exports have been sharply curtailed by the war. increasing pressure on Baghdad to seek more room to raise output.
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OPEC has faced a fresh strain in recent months after the United Arab Emiratesleft the groupfollowing years of tension with Saudi Arabia over production limits.
Bloombergreported OPEC and its allies have also commissioned a review of each member's technical production capacity. The review is expected to be completed later this year and used to help determine output targets for 2027.
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