Iraq requires OPEC to redistribute losses and adjust quotas after blockade in the Strait of Hormuz

Published at: 08/05/2026 04:36 PM

Baghdad asked the Organization of Petroleum Exporting Countries (OPEC) for an urgent review of production quotas following the blockade in the Strait of Hormuz, which reduced Iraqi extraction to 1.625 million barrels per day.

Mazhar Mohammed Saleh, an advisor to the prime minister, urged that the financial losses of the conflict be distributed fairly. The official proposed that countries that benefited from high prices compensate nations affected by the operational paralysis.

The crisis, aggravated by military tensions between the United States (US), Israel and the Islamic Republic of Iran, led to drops in regional pumping and the departure of the United Arab Emirates from the organization on May 1.

This situation weakens the cohesion of OPEC+, which now has only seven countries to implement voluntary cuts. The agency must decide whether to adjust its strategy for 2025 in the face of increasing instability and the risk of fragmentation of the energy market.

Mazo News Team