Iraq Faces Compulsion to Explore Alternatives if OPEC Quota Not Increased
A senior Iraqi oil ministry official has informed Reuters that Iraq will be forced to consider all available options should its OPEC quota not see significant increases.
Currently, there are discussions among Iraqi officials about leaving the organization, though they have stated their intention to remain a member and push for a higher quota.
This potential exit from OPEC would further weaken the group following the recent departure of the United Arab Emirates this year.
Iraq is one of five founding members of OPEC, which was established in its capital city.
OPEC has not yet commented on these developments.
The Iraqi official emphasized to Reuters that Iraq’s financial crisis, exacerbated by the Iran war, necessitates a substantial increase in its quota within OPEC. This issue should be treated with utmost seriousness.
OPEC+ includes both OPEC and allied producers such as Russia.