June 25, 2026
Iraq has considered leaving OPEC if the oil producer group does not allow Baghdad to significantly increase oil production, sources with knowledge of the matter told Reuters.
The prospect of Iraq leaving would be a serious blow to the Organization of the Petroleum Exporting Countries, which saw the United Arab Emirates walk away less than two months ago.
Iraq is the group's second-largest producer after Saudi Arabia and one of its five founding members. OPEC was formed in the Iraqi capital in 1960.
The country relies on oil for the bulk of its income, which has been slashed since the Iran war effectively blocked exports via the Strait of Hormuz.
