Iraq denies plans to leave OPEC, emphasizes production quota reevaluation

The Iraqi Oil Ministry on Thursday denied rumors that Baghdad is considering withdrawing from OPEC, dismissing claims as inconsistent with the government's official position. Instead, Iraq emphasized its commitment to the group's mechanisms while pushing for production quota reevaluations to better reflect its sustainable production capacity and economic needs.

OPEC is currently conducting a technical review of members' maximum sustainable production capacities via an independent U.S. consulting firm. Iraq is participating in this assessment, which will help dictate production baselines starting in 2027.