Peregraf — Iraq’s Oil Ministry on Wednesday denied reports that Baghdad is considering ending its membership in the Organization of the Petroleum Exporting Countries (OPEC), reaffirming its commitment to the producers’ alliance while calling for a reassessment of its production baseline.
In a statement, the ministry said reports suggesting Iraq plans to withdraw from OPEC “do not reflect the official position of the Iraqi Government.”
“Neither the Prime Minister nor the Government of Iraq has proposed withdrawing from the Organization,” the statement said.
Instead, the ministry said Iraq has consistently advocated for reviewing production baselines to ensure they accurately reflect the sustainable production capacity of member states, taking into account each country’s circumstances.
Iraq Seeks Fairer Production Baseline
According to the ministry, OPEC and participating non-OPEC countries have already launched a process to reassess the maximum sustainable production capacity of member states.
The review is being carried out in coordination with an independent international consulting firm, with Iraq actively participating under an agreed timetable.
The ministry said issues related to production baselines are addressed through OPEC’s established technical and consensus-based mechanisms rather than through unilateral decisions.
It also noted that OPEC and its non-OPEC partners have already begun gradually restoring previously curtailed production volumes, with voluntary production cuts expected to be fully phased out over the coming months.
The ministry said this process will contribute to increasing Iraq’s production baseline.
Oil Sector Recovery
The statement emphasized that OPEC members recognize Iraq’s unique circumstances, including decades of wars, international sanctions, and damage to its oil industry.
It added that Iraq’s energy infrastructure has most recently been affected by terrorist attacks and acts of sabotage, factors that should be considered when determining the country’s production capacity.
The ministry said these exceptional conditions justify setting Iraq’s production level at a fair rate that preserves its position as OPEC’s second-largest oil producer while supporting ongoing investment, development, and rehabilitation projects across the country’s oil sector.
Oil exports remain the backbone of Iraq’s economy, accounting for the overwhelming majority of government revenue.