Iraq just played the nuclear card in oil politics. A senior Iraqi oil ministry official told Reuters on June 25 that the country would be “compelled to consider all available options” if its OPEC quota isn’t significantly increased.
Separate sources clarified that Iraqi officials have actively discussed leaving OPEC, though the current plan remains to stay in the organization and push for better terms from within.
Why Iraq wants more barrels
Iraq isn’t some fringe member throwing a tantrum. It’s the second-largest producer in OPEC, with a current quota of 4.4 million barrels per day. The country’s target capacity sits at 5.5 million bpd, meaning it believes it has over a million barrels of daily production potential just sitting idle.
Making matters worse, Iraq has been implementing cuts of 1.93 million bpd through June 2026. Those cuts were partly compensation for prior overproduction.
