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Iraq walks back threat to exit OPEC 
25 Jun 2026

Iraq's Oil Ministry has dismissed reports of the country threatening to exit the Organization of the Petroleum Exporting Countries (OPEC) if the oil producer group does not allow it to ​increase oil production.

The ministry clarified that neither the prime minister nor any government official had raised such an issue.

Rather, Iraq has continuously underlined the need to review production ceilings according to sustainable capacities of member states, as well as understandings of Iraq's security and economic status, it noted.

Iraq committed to OPEC framework
OPEC commitment

Bloomberg had earlier reported that Iraq could eventually reconsider its OPEC membership if its production quota isn't increased.

However, Oil Ministry spokesman Salim Al-Rikabi clarified that Iraq is committed to working within OPEC's framework.

He said the country plans to increase production according to its capabilities and needs and asked OPEC for an appropriate raise in the country's production level.

OPEC, allies reviewing production limits
Capacity reassessment

The ministry also said OPEC and allied producers have already started a review of members' maximum sustainable production capacity.

The process is being done in coordination with an independent international consulting firm, with Iraq's active participation.

The ministry said that OPEC and its allies are gradually restoring reduced production levels, with full resumption of voluntary cuts expected in the coming months.

Iraq's special situation
Special circumstances

The Iraqi Oil Ministry also stressed that member states have been understanding of Iraq's "special situation."

This includes the impact of over 40 years of wars, embargoes, infrastructure damage, and terrorist sabotage attacks on oil facilities.

The ministry said these factors should be considered to allow Iraqi oil output to reach a fair level and help the country regain its position as OPEC's second-largest producer among OPEC member states.