Iraq urges OPEC to raise its quota

Subscribed with another email? Logout and Login with that one. Account subscription benefits alongside Premium Stories, Editorials, Opinions and more. Unlock these with Subscription The View From India Looking at World Affairs from the Indian perspective. First Day First Show News and reviews from the world of cinema and streaming. Today's Cache Your download of the top 5 technology stories of the day. Science For All The weekly newsletter from science writers takes the jargon out of science and puts the fun in! Data Point Decoding the headlines with facts, figures, and numbers THEdge At the cutting edge of education and careers Health Matters Ramya Kannan writes to you on getting to good health, and staying there Gender Agenda Stories from beyond the binary. The Hindu On Books Books of the week, reviews, excerpts, new titles and features. Published - June 25, 2026 06:12 pm IST - Baghdad Image used for representative purpose only. | Photo Credit: Reuters Iraq has urged OPEC to increase its oil production quota considering the country's history of conflicts and the recent regional war that have damaged its industry, the Oil Ministry said on Thursday (June 25, 2026). Like other oil producers, Iraq, a founding member of OPEC, was greatly affected by the West Asian war, as it is hugely dependent on oil exports, which make up about 90% of its budget revenues. Iraq's Oil Ministry said that the country "has consistently emphasised the importance of reassessing production baselines to ensure they are aligned with the sustainable production capacities of member countries," and in respect of "Iraq's unique security and economic circumstances". OPEC has "responded by launching a process to reassess" its members states' capacities, the Ministry said. Amid reports of a possible Iraqi exit from OPEC, Oil Ministry spokesperson Salim al-Rikabi told AFP that Iraq "has no intention of withdrawing from the organisation and remains committed to its mechanisms". He added that the cartel "has to raise Iraq's production quota. Otherwise, a decision will have to be made about whether to stay or leave the organisation". Iraq has proceeded "to increase its production in line with its capacities and needs," he said. But the Ministry said that "reports suggesting that Iraq is considering ending its membership in OPEC do not reflect the official position" of the government. An Iraqi exit would further weaken OPEC after the UAE pulled out of the cartel in May citing "national interests" and a broader plan to future-proof its economy. Iraq's Ministry added that "any issues related to production baselines or sustainable production capacity are addressed through the established technical and consensus-based mechanisms" within OPEC. It noted a "high level of understanding" among OPEC members regarding Iraq's situation, given decades of wars, sanctions, and recent attacks that have damaged the sector during the West Asian War. All of these challenges will be considered to "ensure that Iraqi oil production reaches a fair level". The West Asian war and Iran's blockade of the Strait of Hormuz choked off shipments and prompted production cuts in key oil-producing countries including Iraq, shaking world energy markets. During the conflict, several oil fields were struck by drones mostly launched by pro-Iran armed groups. Before the war erupted on February 28, Iraq produced around four million barrels per day, and exported an average of 3.5 million bpd, mostly via Hormuz. After a recent deal between Washington and Tehran to end the fighting, Iraq now hopes to return within two months to its previous production levels. Iraq / Israel-US strikes on Iran / Iran / West Asia / diesel fuel / petrol / oil and gas - upstream activities / oil and gas - downstream activities / war Copyright© 2026, THG PUBLISHING PVT LTD. or its affiliated companies. All rights reserved. Terms & conditions | Institutional Subscriber Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Iraq urges OPEC to raise its quota

Key takeaways

Also covered by

Iraq urges OPEC to raise its quota

Key takeaways

Also covered by

More in international