Iraq spent a few days rattling its saber at OPEC, then put it back in the scabbard. The country’s Oil Ministry walked back a threat to reconsider its membership in the cartel after failing to secure a higher production quota, though the economic pressures that prompted the threat are very much still present.
What actually happened
Iraqi Oil Ministry spokesman Salim Al-Rikabi had stated publicly that without a quota increase, Iraq would need to reconsider its OPEC membership status.
Iraq’s current production quota sits at approximately 4.4 million barrels per day. The country’s stated ambition is to reach around 7 million barrels per day.
Iraq’s actual production recently dropped as low as 1.4 million barrels per day. Disruptions tied to the ongoing Iran conflict have constrained Iraq’s export capacity, squeezing revenues at a moment when Baghdad can least afford it.
