• Iraq has no plans to exit OPEC or OPEC+, according to two Iraqi oil officials, emphasizing the need for a strong group to ensure stable prices.
  • The country remains committed to production quotas and will compensate for any past overproduction, supporting broader OPEC+ discipline.
  • Analysts see this as a signal of unity within the group, which could help maintain price predictability in global oil markets.

Iraq is making clear it intends to stay within the OPEC+ fold, with two senior Iraqi oil officials stating that the country has no intention of leaving the producer alliance. The officials, who spoke on condition of anonymity, stressed the importance of a strong, cohesive group to achieve stable oil prices. The comments come amid ongoing discussions within OPEC+ about production levels and compliance, as the group navigates uncertain demand trends.

"Iraq needs OPEC+ just as OPEC+ needs Iraq," one official said. "Without coordination, prices would be volatile, hurting both producers and consumers." The officials reiterated that Baghdad remains fully committed to its production quota and will continue to implement voluntary cuts as agreed. Iraq has faced scrutiny in the past for overproducing relative to its target, but has pledged to compensate with additional cuts.

Efforts to ensure compliance have been a key focus for OPEC+, with the group's next meeting expected to review output adjustments and member adherence. Iraq's reaffirmation is seen as a positive signal for market stability, reducing fears of a rift within the alliance. The country's oil revenues are crucial for its budget, making price stability a top priority.

A second official added that Iraq supports OPEC+'s long-term strategy of managing supply to balance global markets. "We are all in this together," they said. "Any suggestion that Iraq is considering leaving is baseless." Attempts to reach Iraq's oil ministry for further comment were not immediately successful.

Correction: A previous version of this article misstated the number of officials. This has been corrected to two officials.