Baghdad may terminate its membership in the Organization of the Petroleum Exporting Countries (OPEC) if it does not raise Iraq’s oil production quota, sources report. However, Baghdad currently plans to remain within the cartel while seeking to increase its production allocation.
The Iraqi economy is facing significant challenges due to military actions by the United States and Israel against Iran, which have led to the blocking of most Iraq’s exports through the Strait of Hormuz.
Additionally, the United Arab Emirates has announced its withdrawal from OPEC and OPEC+ on April 28, with Energy Minister Al Mazroui stating that the decision was made due to the naval blockade of the strait.
