Iraq may reconsider its membership in OPEC if the producer group does not raise the country’s oil production quota, Bloomberg reported on Thursday, citing Iraq’s Oil Ministry.
Iraq is moving ahead with plans to increase oil production in line with its capabilities and needs, and OPEC should raise the country’s production quota accordingly, the report cited Oil Ministry spokesperson Salim al-Rikabi as saying.
Otherwise, Iraq would have to decide whether to remain in the group or withdraw, he said according to the report.
Al-Rikabi added that the ministry has no current intention of withdrawing from the Organization of the Petroleum Exporting Countries and remains committed to working within the group’s framework and mechanisms.
