As confirmed by Shafaq News, Iraqi oil officials are threatening to withdraw from OPEC.
The Iraqi Oil Ministry hinted on Thursday at the possibility of withdrawing from OPEC if the production level allocated to Iraq is not increased in line with its production capabilities and future needs.
Oil Ministry spokesman Salim al-Rikabi said in a comment seen by Shafaq News Agency, “The ministry currently has no intention of withdrawing from OPEC, and we remain committed to working within the organization’s mechanisms.”
He added that the ministry is proceeding with increasing its oil production to match Iraq’s capabilities and needs, noting that the organization is required to increase the level of production allocated to Iraq.
Al-Rikabi explained that failure to respond to this matter would lead to a decision regarding remaining in the organization or leaving it.
Government sources revealed to Shafaq News Agency on Wednesday that Iraq is considering options to increase its oil exports beyond the production ceilings set by OPEC, in order to compensate for the decline in exports during the past period.
The sources indicated that Baghdad may consider withdrawing from the organization if its demands to raise its production quota are not met, which would allow it more room to increase production and marketing, in light of changes in global oil markets and Iraqi trends to enhance export capacity during the next stage.
Shafaq.com