Iraq Warns OPEC It May Leave Unless Oil Quota Is Raised
Iraq has warned OPEC that it will consider leaving the oil producers' group if its production quota is not significantly increased, a senior ministry official told Reuters. The threat comes amid a critical financial crisis in Baghdad triggered by a sharp decline in oil exports due to the ongoing Iran war. An Iraqi government spokesperson stated the country is actively working to restore full export capacity and aims to raise production to 7 million barrels per day over the coming years.
The announcement highlights growing friction within OPEC, which recently saw the United Arab Emirates withdraw from the alliance. Iraq is a founding member of the cartel and currently its second-largest producer. Shortly after the Reuters report, the Iraqi Oil Ministry clarified that suggestions of an impending exit did not reflect the government's official position. The ministry emphasized that Baghdad's preferred course is to remain in OPEC while securing a quota increase aligned with member states' sustainable production capacities.
From the sources (25 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
@joshyoungIraq reportedly may leave OPEC+
@oilandenergyThe next major dispute within OPEC+ in the making?
@faytuksnetworkIraq 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_oseranIraq 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_enIraq 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
@osint613Sources say Iraq has internally discussed a potential OPEC exit but intends to stay in the group and push for a larger production quota.
@financialjuiceIraq is enduring a critical financial crisis triggered by the sharp decline in oil exports due to the Iran war. Its OPEC quota increase should be treated with utmost seriousness - Senior oil official
@financialjuiceIraqi officials have considered the idea of leaving OPEC, although the current plan is to remain a member and gain a higher quota - Sources
@financialjuiceIraq is working to restore full oil export capacity and aims to raise production to 7 million bpd over the coming years - Government spokesperson
@financialjuiceIraq to stay in OPEC for now, but wants higher quotas - Official
@financialjuiceIraq may reconsider OPEC membership in the future - Official
@financialjuiceIraq: No intention at this time to quit OPEC
@reutersbizExclusive: Iraq will be compelled to consider all available options if its OPEC quota is not significantly increased, a senior Iraqi oil ministry official told Reuters. More here -
@financialjuiceIraq: OPEC departure decision is possible if no quota increase
@reutersExclusive: Iraq will be compelled to consider all available options if its OPEC quota is not significantly increased, a senior Iraqi oil ministry official told Reuters
@iranintl_enIraq is working to restore full oil export capacity after the Iran war sharply reduced exports and aims to raise production to 7 million barrels per day in the coming years, Reuters reported on Thursday, citing a government spokesperson. T
@businessIraq may consider leaving OPEC unless it gets a higher oil production quota, according to an official
@javierblasIraq to OPEC: increase our oil production quota — or else!!!
@faytuksnetworkIraq will consider all options if its OPEC quota is not significantly raised and has weighed leaving the producer group, sources told Reuters. An Iraqi oil official said Baghdad currently plans to remain in OPEC but wants a higher quota ami
@jackprandelli🚨BREAKING: OPEC is starting to crack. First the UAE walked out. Now Iraq, a FOUNDING member, is threatening to leave too. Iraq says it will "consider all available options" if its OPEC quota isn't significantly raised, sources told Reute
@firstsquawkIRAQI OIL MINISTRY SAYS WHAT HAS BEEN REPORTED ABOUT IRAQ CONSIDERING OPEC EXIT DOES NOT REFLECT THE GOVT'S OFFICIAL POSITION - STATE NEWS AGENCY
@trtworldIraq may reconsider its membership in OPEC if its oil production quota is not increased, a top Iraqi official has told Bloomberg, amid Middle East war-driven constraints that have sharply reduced exports and pressured Baghdad to boost outpu
@staunovo#Iraq's Oil Ministry said on Thursday that reports suggesting Baghdad was considering ending its membership in OPEC did not reflect the Iraqi government's official position. The ministry added that Iraq continued to stress the importance o
@financialjuiceIraq: Government isn't considering OPEC withdrawal