Iraq warns it may leave OPEC if its oil production quota is not raised, citing financial strain from reduced exports.
Iraq has signaled it may withdraw from OPEC if its production quota is not increased, a senior oil ministry official said. The country faces a financial crisis due to declining oil exports amid regional conflicts, heightening pressure for a quota revision.
OPEC has yet to respond to Iraq’s demands, though officials previously indicated a preference to remain in the cartel while negotiating higher output limits. The threat comes as global oil markets react to potential supply increases.
WTI crude prices extended losses, trading 1.12% lower near $69.00 following the remarks.