Iraq's OPEC Dilemma: An Oil-Powered Tug of War

Iraq considers leaving OPEC if its oil production quota is not significantly increased, amid financial crises and economic rebuilding efforts. Despite the pressure, Iraq intends to stay in OPEC while seeking a higher quota aligned with its capabilities. The situation sparks global market interest and potential impact on oil prices.

Iraq is weighing all options regarding its OPEC membership if it doesn't see a meaningful rise in its production quota, potentially contemplating an exit from the group, sources informed Reuters.

This potential departure, following the UAE's exit earlier this year, would be another blow to OPEC, with Iraq's financial crisis exacerbating the issue.

Nonetheless, Iraq remains committed to OPEC for now, seeking better terms, while working to restore its oil export capacity and aiming to increase production significantly in the coming years, according to officials and spokespersons.