Iraq threats to exit OPEC over quota

Iraq squandered the opportunity to leave OPEC if its production quota was not increased, despite the ministry reaffirming its commitment to the organization and working to raise production in line with its capabilities. Iraq is facing a severe financial crisis due to declining oil exports caused by the Iran war, as more than 90% of its budget depends on oil revenues. With exports decreasing, its financial difficulties are worsening. The rejection of Iraq’s request to increase its quota threatens the country's economic stability, especially amid the tensions caused by the war and its impact on oil exports through the Strait of Hormuz.

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