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EXCLUSIVE: Iraq warns it might leave OPEC if oil quota not raised, sources say

Iraq has warned it may leave OPEC if the organization does not increase its oil production quota. Baghdad is seeking higher output to increase revenue during a financial crisis. This tension follows the recent exit of the United Arab Emirates from the group.

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What changed

Iraq has explicitly linked its potential membership exit to the demand for higher production quotas.

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  1. Iraq Threatens OPEC Exit Over Oil Quota Dispute

    Iraq has warned it may leave OPEC if the organization does not increase its oil production quota. Baghdad is seeking higher output to increase revenue during a financial crisis. This tension follows the recent exit of the United Arab Emirates from the group.

    What's confirmed:

    • Iraq is seeking a higher oil production quota to boost revenue during a financial crisis.
    • The United Arab Emirates has exited OPEC.
    • Iraq is the second-largest oil producer in OPEC.
    • Oil prices have fallen below $73.

    Still unconfirmed:

    • Iraq denies reports of a potential OPEC exit.
    confidence 80%