Shafaq News- Baghdad
Former Iraqi Prime Minister Adel Abdul Mahdi on Saturday warned against any move to withdraw from OPEC, urging Baghdad instead to seek a larger oil production quota within the organization to strengthen its position in global energy markets.
OPEC was born in Iraq to regulate markets, promote fair competition, and protect the interests of both producers and consumers, Abdul Mahdi said, adding, "Let us secure our rights by strengthening the organization, not burying it."
He argued that leaving OPEC would ultimately harm Iraq despite allowing higher oil output. "We would produce more, others would follow, the market would become oversupplied, and prices and revenues would fall."
Last week, Oil Ministry spokesman Salim al-Rikabi and government sources suggestedIraq could reconsider its membership unless its production quota is raised to match its export capacity and fiscal needs. The Oil Ministry later dismissed reports of a possible withdrawal, reaffirming Iraq's commitment to OPEC and denying any intention to leave the organization.
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