Iraq is pushing Opec to allow it to pump more oil as it seeks to recover from its financial crisis triggered by the US-Iran war, and has raised the prospect of leaving the cartel if it cannot fulfil its full production potential.
The country’s oil ministry said on Thursday that while there was “currently no intention” for Iraq to withdraw from Opec, it expected the group to increase the share of oil that it was allowed to pump in the future.
“If that does not happen, there will be a decision regarding staying in or exiting the organisation,” a ministry spokesperson told Bloomberg on Thursday morning. A source familiar with the Iraqi government’s position confirmed to the FT that leaving Opec in the future had been one option under consideration as it tried to recover from the crisis caused by the Middle East conflict.