Iraq Might Leave OPEC If Its Production Quota Isn’t Raised
Bloomberg 2026-06-25 08:35:52
Context: Iraq is considering a potential exit from the Organization of the Petroleum Exporting Countries (OPEC) if the group does not agree to raise its oil production quota. This development comes just a few months after the United Arab Emirates left OPEC to increase its oil production. The issue has significant implications for the global oil market and OPEC's production policies.
Key Facts
- Iraq might consider leaving OPEC unless the group accommodates it with a higher oil production quota, according to a recent statement.
- The United Arab Emirates quit OPEC a few months ago to allow for an increase in its oil production, setting a precedent for other countries to reevaluate their participation in the group.
- Iraq's potential exit from OPEC would have significant implications for the country's economy, which is heavily reliant on oil exports.