Iraq urges OPEC to raise its quota

BAGHDAD

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 Thursday.

Like other oil producers, Iraq, a founding member of OPEC, was greatly affected by the Middle East war, as it is hugely dependent on oil exports, which make up about 90 percent of its budget revenues.

Iraq’s oil ministry said that the country “has consistently emphasized 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 organization.

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.