Iraq urges OPEC to raise its oil production quota

Iraq has called on OPEC to increase its oil production quota, considering the Iran war has damaged its industry, the oil ministry said on Thursday.

Like other oil producers, Iraq, a founding member of OPEC, was greatly affected by the war, as it is hugely dependent on oil exports, which make up about 90 percent of its budget revenues.

Iraq’s oil ministry said that the country “has consistently emphasised the importance of reassessing production baselines to ensure they are aligned with the sustainable production capacities of member countries,” and in respect of “Iraq’s unique security and economic circumstances”.

OPEC has “responded by launching a process to reassess” its member states’ capacities, the ministry said.

Amid reports on Thursday of a possible Iraqi exit from OPEC, oil ministry spokesperson Salim al-Rikabi told AFP that Iraq “has no intention of withdrawing from the organisation and remains committed to its mechanisms”.

He added that the organisation “has to raise Iraq’s production quota. Otherwise, a decision will have to be made about whether to stay or leave the organisation.”