Published On 4/28/2026
Two Iraqi oil sector officials told Reuters on Tuesday that Iraq does not intend to withdraw from the Organization of the Petroleum Exporting Countries (OPEC) or the OPEC Plus alliance.
The two officials added that Iraq prefers “a strong organization to ensure that oil prices remain at stable and acceptable levels.”
This comes after the UAE announced earlier today its withdrawal from OPEC and the OPEC Plus alliance, starting next May 1.
Mazhar Muhammad Saleh, the financial advisor to the Iraqi Prime Minister, said in a recent interview with Al Jazeera Net that the closure of the Strait of Hormuz constituted a major shock to the Iraqi economy, as the southern ports represent the main outlet for oil export.
Saleh explained that exports declined by about 80% during last March, and production decreased from about 4 million barrels per day to approximately 1.1 million barrels, which was directly reflected in revenues, which fell by about 70%.
