Iraq May Freeze OPEC Membership Over Output Quota Dispute
Iraq's PM Al-Zaidi said the country may freeze OPEC membership if output growth is constrained, seeking a fair quota and targeting 7 million bpd within three years.
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Iraq's prime minister Ali Al-Zaidi said his country may freeze its OPEC membership if output growth is constrained by the group's quota system. Al-Zaidi, speaking at a press conference, said Iraq has no intention of leaving the organization but did not rule out suspending participation.
Iraq is targeting output of 7 million barrels per day within three years, Al-Zaidi said. The country wants a fair production quota that reflects its capacity, he added.
The target would represent a significant increase from current levels. The comments come as OPEC+ members debate future output policy.
Al-Zaidi did not specify what level of growth would trigger a suspension. He said the target is achievable with investment in the country's oil fields.
Iraq has long argued its current quota understates its production capacity. The statement adds a new layer of uncertainty ahead of the next OPEC+ meeting, where members are expected to review output targets for the second half of the year.
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