Iraq to consider all options if OPEC quota is not raised, has weighed exit, sources say

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 on Thursday.

Separate ‌sources told ⁠Reuters ⁠Iraqi officials had considered leaving OPEC, but ​the current plan was to remain a member ​and seek a higher quota.

The prospect of Iraq considering an exit from OPEC ​would be a further blow ⁠to the ‌group after the ​departure of ​the United Arab Emirates this ⁠year. Iraq is one of five ​founding members and the group was ​formed in the Iraqi capital.


OPEC did not immediately respond to a request for comment.

Iraq is enduring a critical financial crisis on the ‌back of the Iran war and a significant increase in its ​OPEC quota ​is a must ⁠and should be treated with utmost seriousness, the Iraqi official source told Reuters.

OPEC+, is ​comprised of the Organization of the Petroleum Exporting Countries and allied producers including Russia.