Iraq to Remain Part of OPEC, PM Reassures

Iraqi Prime Minister Ali Faleh Al-Zaidi has assured that the nation will continue to be a part of the Organization of the Petroleum Exporting Countries, but will seek fair production quotas, according to a social media post by Al-Zaidi's office. "Iraq is a founding member of OPEC and will remain so. However, we seek a fair and equitable production quota," Al-Zaidi said in an interview with Al Arabiya, according to his office. Iraq had warned last month that it was considering all options, including a potential exit from the OPEC, if the group does not significantly raise its production quota, according to several media reports. The warning by the group's second-largest producer, followed UAE's recent exit from OPEC. An Iraqi exit soon after the recent departure of another major member would deal a major blow to OPEC+, undermining its unity, market influence and credibility, although the threat is more likely a negotiating tactic to secure higher production quotas, industry analysts told.