Iraq Walks Back Threat on Leaving OPEC Over Output Limits
Bloomberg 2026-06-25 11:00:47
Context: Iraq's oil ministry has reversed its stance on potentially exiting the Organization of the Petroleum Exporting Countries (OPEC), citing no plans to leave the organization. This sudden change in position came just hours after the ministry had suggested that leaving OPEC was a possibility due to disagreements over output limits. The reversal indicates a significant shift in Iraq's strategy regarding its participation in the global oil cartel.
Key Facts
- Iraq's oil ministry stated that the country is not considering leaving OPEC, reversing an earlier statement that suggested the possibility of exiting the organization due to disagreements over output limits.
- The ministry's initial statement had implied that Iraq might leave OPEC if it couldn't reach an agreement on production levels, but this threat was quickly retracted.