economy
Iraq Threatens to Leave OPEC if Oil Quota Isn't Raised: Report
Iraq, the second-biggest producer in OPEC, reportedly threatened to leave the cartel if the oil quota isn’t significantly raised.
TL;DR
- Iraq reportedly threatened to leave OPEC due to dissatisfaction with its oil quota.
- Iraq's oil ministry denied the report but emphasized the need for OPEC to raise quotas.
- Iraq's departure would be a more significant blow to OPEC than the UAE's recent exit.
- Iraq's economy is heavily reliant on oil, with exports significantly impacted by war with Iran.
- Iraq is working to diversify export routes with a new pipeline to Turkey.
- The country is also facing a political crisis, caught between the US and Iran.