Iraq Weighed Leaving OPEC, but Now Plans to Stay and Seek Higher Output Quota

Iraq considered leaving the Organization of the Petroleum Exporting Countries but has, for now, settled on remaining in the group while seeking a higher production quota, according to a report.

BlockBeats, a media outlet focused on digital assets, reported on June 25 that a senior Iraqi Oil Ministry official said Iraq would have no choice but to consider all available options if its OPEC quota is not increased substantially.

According to the report, Iraqi officials at one point reviewed withdrawing from OPEC. The current plan, however, is to remain a member and press for a larger output quota.

Iraq is one of OPEC's major producers, and output limits have a direct effect on the country's finances and crude export revenue. The market sees Iraq's latest stance as a push to gain leverage in quota negotiations rather than a serious move to leave the group.

As competing interests among OPEC members over production levels come back into focus, the dispute could also add to volatility in global oil prices.