Iraq Considers Leaving OPEC as Oil Exports Decline Deepens Financial Crisis

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Iraq is considering leaving OPEC as the country confronts a critical financial crisis stemming from a sharp drop in oil exports, according to reports citing senior government officials. The potential withdrawal marks a significant escalation in Baghdad’s response to the revenue shortfall, shifting from short-term fiscal management to a possible confrontation over production quotas within the oil cartel.

Reuters reported, citing a senior Iraqi Oil Ministry official, that Baghdad is primarily seeking a substantial increase in its OPEC quota to address the crisis. While officials have discussed the idea of exiting the group, the current strategy is to remain a member and push for higher output limits if the quota is not raised. The prospect of Iraq's departure follows the United Arab Emirates' exit from OPEC last month. To date, Iraq has relied on indirect borrowing from central bank reserves to cover the shortfall, but fiscal reserves are depleting rapidly.

From the sources (8 posts)

@staunovo

#Iraq leans on central bank reserves to weather oil export collapse Indirect borrowing from foreign reserves is keeping the government afloat, but Iraq's fiscal leeway is shrinking fast. #oott

@iraqoilreport

Iraq leans on central bank reserves to weather oil export collapse

@joshyoung

Iraq reportedly may leave OPEC+

@oilandenergy

The next major dispute within OPEC+ in the making?

@faytuksnetwork

Iraq is currently facing a "critical financial crisis" following a sharp decline in oil exports due to the Iran war, senior officials tell Reuters. Iraqi officials have considered leaving OPEC, but the current plan is to remain a member and

@ariel_oseran

Iraq is considering withdrawing from OPEC as it seeks to significantly increase its quota to address the critical financial crisis it is experiencing amid the sharp decline in oil exports caused by the Iran war, Reuters reports citing a sen

@iranintl_en

Iraq is seeking a significant increase in its OPEC quota after a sharp decline in oil exports caused by the Iran war triggered a critical financial crisis, Reuters reported on Thursday, citing a senior oil ministry official. The official s

@osint613

Sources say Iraq has internally discussed a potential OPEC exit but intends to stay in the group and push for a larger production quota.

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