BAGHDAD, Jun 25: Iraq is working to restore its full oil export capacity after the Iran war sharply reduced shipments, while aiming to increase crude production to 7 million barrels per day in the coming years, a government spokesperson said, according to Reuters.
The spokesperson did not provide further details on Iraq’s current OPEC production quota or whether Baghdad was considering leaving the oil producers’ group.
Meanwhile, Iraq’s Oil Ministry said the country could reconsider its OPEC membership if the organization fails to increase its production quota, Organization of the Petroleum Exporting Countries.
Oil Ministry spokesman Salim al-Rikabi said Iraq currently has no plans to withdraw from OPEC and remains committed to working within the group’s framework. However, he said Baghdad is moving forward with plans to expand production based on its capabilities and domestic requirements.
“If Iraq’s production quota does not reflect its capacity and needs, the country will have to decide whether to remain in the organization or withdraw,” al-Rikabi said, according to Bloomberg.
The comments come as Iraq faces pressure to recover lost oil revenues after exports were significantly affected by the regional conflict. Baghdad is seeking greater flexibility to raise output as it rebuilds its production capacity.
OPEC has faced additional internal challenges in recent months after the United Arab Emirates left the group following years of disagreements with Saudi Arabia over production limits.
OPEC and its allies are also conducting a review of members’ technical production capacities, with the findings expected later this year. The assessment is expected to help determine production targets for 2027.
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