The discussions come at a sensitive time for the producer alliance, with concerns that dissatisfaction among major members could test the group’s cohesion. Iraq, one of OPEC’s founding members and its second-largest oil producer, has reportedly examined the possibility of leaving the organization, although no final decision has been made.
A senior official at Iraq’s oil ministry said the country is facing mounting economic pressures following the conflict involving Iran and believes its request for a higher production allocation deserves serious consideration from fellow members.
While Baghdad’s preferred approach remains securing a larger quota while staying within OPEC, the official warned that other alternatives could be explored if negotiations fail to produce results.
He stressed that key producers, including Saudi Arabia and its partners, should view Iraq’s demands as a significant issue, adding that the government would be forced to evaluate all available courses of action if its concerns are ignored.
Despite acknowledging that discussions about withdrawing from OPEC have taken place, the official said any move toward departure remains premature at this stage.
OPEC has not yet publicly responded to the reported comments.
Government spokesman Haider al Aboudi confirmed that Iraq is focused on restoring its full oil-export capabilities and intends to expand production capacity in the years ahead. However, he declined to address speculation surrounding the country’s quota demands or possible exit from the producer group.
According to al Aboudi, Iraq aims to gradually increase crude output to around seven million barrels per day as part of its long-term energy strategy.
Oil prices briefly extended losses following reports of Iraq’s dissatisfaction with its current OPEC allocation, with crude slipping below $73 per barrel.
Since taking office in May, Prime Minister Ali al-Zaidi has prioritized economic recovery, anti-corruption reforms and efforts to attract international investment.
Speaking earlier this week, he reiterated Iraq’s position that production limits should better reflect a country’s output capacity and population size.
The debate comes as seven core members of the wider OPEC+ alliance have collectively increased their production quotas by nearly 600,000 barrels per day between April and June. OPEC+ includes OPEC nations alongside major oil-producing partners such as Russia.
Goodness Anunobi
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