Iraq Threatens to Withdraw from OPEC Over Oil Production Cuts – Reuters

The Iraqi government is considering withdrawing from OPEC if its oil production quota within the organization is not significantly increased. Currently, the government’s plan is to remain a member of the cartel and insist on higher production limits; however, if its demands are rejected, the country will consider all available options. 

 The potential withdrawal of a founding member could deal another serious blow to the stability of the organization, which the United Arab Emirates has already left this year. The need to increase export quotas stems from the fact that Iraq is experiencing a critical financial crisis amid a military conflict with Iran. 

The OPEC+ alliance regulates global production volumes to stabilize market prices, but strict restrictions are increasingly causing discontent among key members.

This was reported by the Reuters news agency.

Earlier, oil prices fell following the UAE’s withdrawal from OPEC.

As a reminder, OPEC’s oil exports plummeted to a record low in March.

Previously, OPEC+ agreed to a minimal, symbolic increase in oil production amid the war in Iran, starting in May 2026.