Former PM Adel Abdul-Mahdi warns Iraq against quitting OPEC

BAGHDAD — Former Prime Minister Adel Abdul-Mahdi warned Saturday that Iraq would risk economic damage if it left OPEC, entering a growing debate over the country’s oil policy after reports that Baghdad could reconsider its membership unless its production quota is raised.

“We will lose if we leave OPEC. We will produce more, and others will follow us. There will be oversupply, and prices and revenues will fall,” Abdul-Mahdi said in a Facebook post monitored by 964media.

He said Iraq should seek its rights from within the organization, not by abandoning it.

“OPEC was born in Iraq to regulate markets, competition and the rights of producers and consumers. Let us secure our rights by strengthening the organization, not burying it,” he said.

His comments came two days after Iraq’s Oil Ministry denied reports that Baghdad was threatening to leave OPEC if its quota was not raised, saying such claims did not reflect the government’s official position.

“What was raised regarding Iraq threatening to end its membership in OPEC does not reflect the official position of the Iraqi government,” the ministry said Thursday. “The prime minister or the Iraqi government did not raise the issue of withdrawal.”

The ministry said Iraq to call for a reassessment of production ceilings to reflect members’ sustainable production capacity, in line with OPEC agreements and Iraq’s security and economic circumstances.

Reports by Reuters, The National and journalist Hadley Gamble had cited Iraqi officials or comments suggesting Baghdad could consider suspending its OPEC membership if it was not allowed to produce closer to capacity.

Oil Ministry spokesperson Salim al-Rikabi later told 964media, “The ministry’s statement is clear and reflects the government’s official position.”