Iraq seeks reassessment of OPEC production quotas

Investing.com -- Iraq's Oil Ministry said Friday that OPEC has started to gradually restore the country's pre-war production allocations. The ministry stated this move would strengthen Iraq's output capacity and support the recovery of its oil sector.

The ministry said Baghdad supports a reassessment of OPEC production quotas to better reflect member states' conditions, including Iraq's economic and security circumstances, according to a statement carried by the state news agency.

The statement also said Iraq's Prime Minister Ali Faleh al-Zaidi had not discussed the possibility of Iraq leaving OPEC.

On Thursday, Reuters reported that Iraq, OPEC's second-largest producer after Saudi Arabia and one of its five founding members, has considered leaving the group if OPEC does not allow Baghdad to significantly increase oil production.

The country relies on oil for the bulk of its income, which has been reduced since the Iran war effectively blocked exports via the Strait of Hormuz.

Iraq's quota for July stands at 4.378 million barrels per day, though current output is significantly below this level because of the Hormuz disruption.

The United Arab Emirates left OPEC less than two months ago.

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