Iraq may leave OPEC unless output quota is raised: Report
Iraq may reconsider its membership in OPEC if the producer group does not raise the country’s oil production quota, Bloomberg reported on June 25, citing Iraq’s Oil Ministry.
The ministry has no current intention of withdrawing from the Organization of the Petroleum Exporting Countries and remains committed to working within the group’s framework and mechanisms, Bloomberg reported, citing Oil Ministry spokesman Salim al-Rikabi.
However, Iraq is moving ahead with plans to increase oil production in line with its capabilities and 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 the Bloomberg report.
