Iraq is reportedly considering leaving OPEC if they do not agree to a signicant oil supply increase.
The Organization of the Petroleum Exporting Countries (OPEC) already saw the United Arab Emirates exit the group back in April, and now Iraq, the second largest oil exporter in the group, is considering the same.
With an economy heavily reliant on the exporting of oil, Iraq has been significantly impacted since the U.S declared war on Iran in February, with exports reliant on the Strait of Hormuz.
A spokesperson for the Iraqi oil ministry was quoted as saying a “decision will have to be made regarding whether to remain in or withdraw”, dependent on the increase of oil quotas, though later in the week clarification was issued that this “did not reflect the Iraqi government’s official position".
Another senior official within the oil ministry told Reuters that the increase in quotas was a serious issue and should be given due consideration by other OPEC member nations.
"Saudi Arabia and other OPEC allies should treat this matter with the utmost seriousness. Failing that, Iraq will be compelled to consider all available options," he said.
