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Iraq Reportedly Considers OPEC Exit, Among Other Alternatives if Production Quota Not Raised

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Iraq has warned that it is considering all options, including a potential exit from the Organization of the Petroleum Exporting Countries, if the group does not significantly raise its production quota, multiple media outlets reported Thursday.

The warning follows the UAE's recent exit from OPEC and could mark one of the most significant setbacks in the group's history, as Iraq is both a founding member and its second-largest producer.

The Iraqi Oil Ministry official who spoke to Reuters blamed this on the financial crisis facing the country due to the war between the US and Iran.

The official noted that the country currently plans to remain a member, while seeking a higher output quota. The group should take the Iraqi government's demand seriously, government spokespersons said.

The government representatives have previously said the country is looking to restore production to pre-war levels and is also planning to raise the capacity.

Neither Iraq's Oil Ministry nor OPEC immediately responded to' request for a comment on this matter.

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