Politics
Iraq denies withdrawal from OPEC while signaling possible exit over quota dispute
July 13, 2026 at 06:40 PM
Coverage
2 reports · over 1 hour
Iraq's oil ministry has denied any government proposal to leave OPEC, but officials have warned that Baghdad may reconsider its membership if production quotas are not raised.
- The Iraqi Oil Ministry issued a statement on Thursday denying any government proposal to withdraw from OPEC, saying the prime minister has not raised the issue.
- Oil Ministry spokesperson Salam al-Rikabi said the ministry remains committed to OPEC's mechanisms but is proceeding with production increases, and that a decision on withdrawal would be made if the quota is not raised.
- A senior Iraqi oil official told Reuters that Iraq faces a severe financial crisis due to a drop in oil exports caused by the Iran war, and demanded the quota increase be taken seriously.
- Earlier, the director general of Iraq's state oil marketing company, SOMO, ruled out any intention to leave OPEC, stating the membership is necessary to limit price volatility.