Iraq Denies Plans To Quit OPEC Hours After Warning It Could Consider Exit

Published 25 June 2026 · finance

Iraq Denies Plans To Quit OPEC Hours After Warning It Could Consider Exit Published By, Last Updated: June 25, 2026, 21:12 IST Iraq Oil Ministry

Iraq Denies Plans To Quit OPEC Hours After Warning It Could Consider Exit Published By, Last Updated: June 25, 2026, 21:12 IST Iraq Oil Ministry denies plans to quit OPEC, says no official proposal to withdraw, but earlier remarks highlight pressure to raise output and seek a higher production quota Iraq has denied that it plans to leave OPEC, hours after its oil ministry warned Baghdad may have to consider its membership if the group does not allow the country to pump more crude. Iraq’s Oil Ministry on Thursday denied that Baghdad was considering leaving the Organization of the Petroleum Exporting Countries (OPEC), just hours after suggesting that the country could eventually review its membership if it was not allowed to raise oil production.

“The reports suggesting that Iraq is considering ending its membership in OPEC do not reflect the official position of the Iraqi Government," the ministry said in a statement. It added that neither Prime Minister nor the Iraqi government had proposed withdrawing from the oil producers’ group. Earlier Warning Over Output Limits The clarification came after the ministry said earlier that Iraq may have to take a decision on whether to remain in OPEC or withdraw if the group did not permit Baghdad to pump more crude. Iraq, OPEC’s second-largest producer, has long sought higher output capacity and a larger production quota, arguing that it needs greater oil revenues to fund reconstruction, public spending and development projects. OPEC and its allies, collectively known as OPEC+, manage supply through output targets aimed at balancing global oil markets and supporting prices.

Why Iraq’s Position Matters Any suggestion of Iraq leaving OPEC would have raised concerns in global oil markets, given Baghdad’s position as one of the group’s biggest producers and its central role in OPEC+ supply decisions. The ministry’s latest statement seeks to calm speculation, but its earlier comments underline the pressure Iraq faces over production limits as it pushes to expand its crude exports. Oil markets will now watch whether Iraq formally seeks a revision of its output quota in future OPEC and OPEC+ meetings. News18 Newsletter Handpicked stories, in your inbox A newsletter with the best of our journalism submit About the Author News Desk The News Desk is a team of passionate editors and writers who break and analyse the most important events unfolding in India and abroad.

From live updates to exclusive reports to in-depth explainers,... Read More Location: Iraq First Published: June 25, 2026, 21:12 IST News world Iraq Denies Plans To Quit OPEC Hours After Warning It Could Consider Exit Disclaimer: Comments reflect users’ views, not News18’s. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy Loading comments...