Iraq piles pressure on OPEC over quota dispute after UAE exit
Source: CNBC
Published Thu, Jun 25 20267:58 AM EDT
Iraq wants OPEC to significantly increase the country’s oil supply quota, Baghdad said on Thursday, following reports it would consider quitting the cartel over the dispute.
As the second-largest oil exporter in the group, Iraq holds significant influence over OPEC, which saw its third-largest producer, the United Arab Emirates, exit in April.
It comes after Reuters reported Iraq was weighing leaving the cartel and Bloomberg quoted an Iraqi old ministry spokesperson warning that a “decision will have to be made regarding whether to remain in or withdraw” if oil quotas are not lifted.
Iraq’s oil ministry said later on Thursday that reports suggesting Baghdad could end its membership in OPEC “did not reflect the Iraqi government’s official position,” but added that it continues to stress the importance of reviewing oil production quotas. Neither the Iraqi ministry and OPEC were immediately available to respond directly to comment requests from CNBC.
Read more: https://www.cnbc.com/2026/06/25/iraq-opec-oil-supply-quota-exports-subdued.html
Whoda thunk OPEC would start to crumble?