07/07/2026 by Joel Thompson
News agency Shafaq reports that Iraq may leave OPEC if the cartel does not permit its plans to increase oil production.
Of all the Middle Eastern countries, Iraq is the most dependent on oil revenues, having done little to diversify its economy. The state relies on oil revenues to fund 90% of its budget. It hopes to raise oil exports to make up for reduced production due to the recent problems in the Strait of Hormuz. Such a move could put it at odds with OPEC and cause it to leave the organisation if a mutually acceptable agreement is not reached.
Shafaq reports its sources as saying:
“Any decision to increase production or withdraw from OPEC would likely come after Prime Minister Ali al-Zaidi’s planned visit to Washington in the middle of next month.”
After the exit of the UAE this year, Iraq leaving OPEC would be a considerable blow for the block. Iraq’s current production quota for July is 4.378 million barrels per day (bpd), but it hopes to increase this to 7 million bpd in the coming years. This would solidify its position as a major oil producer.
Some multinational oil companies have been involved in improving production at Iraq’s oil fields. TotalEnergies, the maker of Total coolant and grease products, is tightly involved with the country’s Gas Growth Integrated Project (GGIP). This involves reducing flaring at three fields and instead processing the natural gas and supplying it to local power stations. It also involves solar generation and seawater treatment for injection into wells.
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