Why is Iraq considering leaving OPEC, and what does the news say about its official stance?

Iraq is considering leaving OPEC if its oil production quota is not increased, according to sources cited by Reuters; however, the Iraqi oil ministry explicitly stated that reports suggesting Baghdad was planning to leave 'did not reflect the government's official position,' and Iraq currently plans to remain in the group while pushing for a higher quota.

What recent OPEC membership changes are highlighted in the timeline, and what were the stated reasons?

The timeline notes the UAE's exit effective May 1, 2026, after announcing it on April 28 — though it continued attending some meetings and remained a member for the rest of the year; Angola left on January 1, 2024, due to a dispute over its OPEC+ output quota; Ecuador left on January 1, 2020, citing fiscal problems and a desire to raise output; Qatar quit on January 1, 2019, to focus on natural gas; and Indonesia suspended membership again in November 2016 after briefly reactivating it in January 2016.

OPEC Membership Timeline: Iraq Weighs Exit Amidst Quota Disputes

Jun 25, 2026

Iraq considers exiting OPEC over production quotas amid financial strain from the Iran war, following UAE's recent departure. The timeline details historical member exits impacting global oil supply management.

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