On the 25th an Iraqi oil ministry official was reported to have said Iraq was
“considering all options, including leaving OPEC” if its production quota is not
substantially increased. The oil ministry issued a statement the same day saying
those reports do not represent the government’s official position and that the
prime minister and cabinet have not discussed exiting OPEC. The ministry said
crude quotas should be reassessed based on each member’s sustainable production
capacity, taking into account Iraq’s security and economic conditions, and that
this stance is consistent with previously approved agreements.
