Iraq Weighs Options Regarding OPEC Production Quota Amid Growing Economic Pressures

Responsible sources in the Iraqi Ministry of Oil revealed that Baghdad might be forced to consider all available options if it does not secure a significant increase in its production quota within OPEC, to address the financial pressures resulting from declining exports. Reports indicated that Iraq is experiencing a severe financial crisis due to a drop in oil exports caused by recent regional security repercussions, emphasizing the urgent need to seriously discuss increasing the country's production quota within the organization. Although some officials have considered the idea of withdrawal, the official approach leans towards remaining in OPEC while lobbying for an increase commensurate with Iraq's production capabilities. These moves coincide with the gradual resumption of operations by foreign oil companies in the Kurdistan Region following damages to the infrastructure. Oil is considered the backbone of the Iraqi economy, accounting for approximately 90% of budget revenues, making the stability of exports a top priority to overcome the financial crisis and restore economic balance.