Iraq does not intend to leave Opec, but it will consider doing so if demands for a higher production quota are not met, the country's Oil Ministry has said.
“There is currently no intention for the ministry to withdraw from Opec, and we remain committed to working within the organisation’s mechanisms,” the ministry's spokesman Salim Al Rikabi said on Thursday.
Mr Al Rikabi added that Iraq is moving ahead with plans to raise its oil production to match its capacity and national needs. He said the ministry expects Opec to increase Iraq’s production quota accordingly.
“If that does not happen, there will be a decision regarding staying in or exiting the organisation,” he said.
Iraq is Opec’s second-largest producer and has repeatedly pushed for a higher quota, arguing that its output potential and postwar reconstruction needs justify an increase above current limits.
No timeline was given for a potential decision on membership.
The UAE left the group on May 1, citing a growing mismatch between its rising production capacity and its quotas.
As part of the Opec+ supergroup, the UAE had been producing close to 30 per cent below its capacity of 4.85 million barrels per day.
