Iraq has no plans to withdraw from OPEC or OPEC+, according to statements from two Iraqi oil officials. The officials emphasized that Baghdad supports a strong OPEC to help preserve oil price stability and maintain levels that are acceptable to member countries.
The decision by the United Arab Emirates to exit both OPEC and OPEC+ was announced on Tuesday. That announcement was described as delivering a significant blow to the oil-exporting groups and to Saudi Arabia, which functions as the de facto leader within the organizations. The UAE's departure marks a notable shift within the alliance of oil-producing nations during a period of heightened geopolitical tension.
Both the UAE exit and Iraq's public commitment come amid an energy shock tied to the Iran war, which the article says has disrupted the global economy. Iraq's stance is presented in direct contrast to the UAE's move, underscoring differing approaches by member states at a time of market volatility.
The Iraqi officials' comments underline Baghdad's view that remaining inside OPEC and OPEC+ aligns with its interest in maintaining coordinated action among producers. They framed Iraq's continued membership as part of a broader effort to support stable and acceptable oil prices for the market and for producers.
The report of these developments notes that the UAE's exit represents a significant perturbation for the group's cohesion and for its leadership dynamics, given Saudi Arabia's central role. At the same time, the account highlights that the wider environment of geopolitical conflict has already contributed to an energy shock with repercussions for the global economy.
Summary: Iraq will remain in OPEC and OPEC+, backing a strong organization to support oil price stability, while the UAE has announced its exit from both bodies amid an energy shock connected to the Iran war.