BAGHDAD, June 25 (Xinhua) -- The Iraqi Oil Ministry on Thursday refuted media reports that the country is considering leaving the Organization of the Petroleum Exporting Countries (OPEC).
Neither the Iraqi prime minister nor the government has raised the issue of withdrawal, the ministry said in a statement, adding that Iraq has consistently emphasized the importance of reassessing production quotas to align with the sustainable production capacities of member states, in accordance with the agreement approved by all relevant countries and the understandings regarding Iraq's security and economic situation.
OPEC and its allied nations have responded to this approach by launching a process to reassess the maximum sustainable production capacity of member countries, it said.
The statement noted that OPEC and its allies have already begun gradually restoring reduced production volumes, and the full resumption of all voluntary cuts is scheduled to be completed within the next few months, which will contribute to strengthening Iraq's production quota.
Any demands regarding production quotas or capacity levels will be addressed through the established technical and consensus-based mechanisms within the framework of OPEC and its allies, according to the ministry.
Earlier on Thursday, news reports citing Iraqi sources said that if Iraq's production quota does not increase, it may withdraw from OPEC.
Iraq's economy relies heavily on crude oil exports, which account for about 90 percent of the country's revenues. Iraq's oil exports dropped sharply to 9.88 million barrels in April due to regional conflict, down from around 99.8 million barrels in February. ■
