Iraq threatens to exit OPEC if it does not receive a larger production quota.

Iraq, the second largest producer in OPEC after Saudi Arabia, has considered leaving the organization if it does not achieve a significant increase in its production quota. According to sources cited by Reuters, the authorities in Baghdad cite the financial difficulties caused by the conflict in the Middle East and the blockage of exports through the Strait of Hormuz. Although an official from the Ministry of Oil confirmed that the scenario of withdrawal has been analyzed, the current position of the government is to remain in OPEC and negotiate a higher quota.

Discussions are taking place in the context in which the OPEC+ group is reassessing the production capacities of member states for setting quotas from 2027. The new Iraqi Prime Minister, Ali al-Zaidi, supports increasing the country's production to up to 7 million barrels per day in the coming years and demands that future quotas reflect both production capacity and population size. A potential exit of Iraq would represent a major blow to OPEC, especially after the recent withdrawal of the United Arab Emirates from the organization.