Iraq's oil ministry rejects reports of OPEC withdrawal, says claims do not reflect government position

BAGHDAD, Iraq — Iraq's Oil Ministry said on Sunday that media reports claiming the country was set to end its OPEC membership do not reflect the government's official position. In a written statement, the ministry said no step toward withdrawing from the organization had been raised by the prime minister or the government. The ministry said Iraq has consistently stressed the importance of reassessing production ceilings for member countries in line with their sustainable production capacities. It added that OPEC and allied countries have launched a coordinated process with an independent international consultancy to re-evaluate member states' sustainable maximum production capacity, and that the process is moving forward on a timeline shaped by Iraq's active participation. OPEC and its allies have also begun gradually returning the volumes from voluntary cuts, with all voluntary reductions expected to be completed over the coming months, according to the ministry. The statement said issues related to production ceilings or capacity are handled through the technical and consensus mechanisms within the OPEC and allied countries framework. The ministry also said OPEC member states have shown a high level of understanding of Iraq's specific circumstances and will support the country's return to its former position within the organization after more than four decades of war, sanctions and attacks targeting its infrastructure.