Iraq signals possible OPEC withdrawal if quotas remain unchanged

Iraq has signaled that it could reconsider its membership in the Organization of the Petroleum Exporting Countries (OPEC) if the group does not increase the country's oil production quota, statements from the Oil Ministry announced.

The remarks came after government sources told Shafaq News that Baghdad was weighing the possibility of withdrawing from the oil-producing alliance.

"There is currently no intention to withdraw from OPEC, and we remain committed to working within the organization's framework," Oil Ministry spokesperson Salim Al-Rikabi said in a statement.

At the same time, Al-Rikabi emphasized that Iraq intends to continue expanding its oil production capacity in line with national priorities and future economic requirements.

He noted that the ministry is moving forward with plans to increase oil output and believes OPEC should adjust Iraq's production quota accordingly.

"If the organization fails to do so, Iraq will decide whether to remain a member or withdraw," Al-Rikabi said.

By Vafa Guliyeva