Iraq may freeze OPEC membership if output growth restricted: PM

Al-Zaidi said Iraq is seeking a fair production quota, with a target of increasing oil output to 7 million bpd over the next three years

Iraq's Prime Minister Ali Al-Zaidi said his country did not intend to leave the Organization of the Petroleum Exporting Countries (OPEC), but may suspend its membership if prevented from increasing production capacity.

In an interview with CNN Business Arabic, Al-Zaidi said US companies would receive top priority if they choose to operate in Iraq. He added that the government has approved major oil projects with companies including Chevron and Halliburton, while Iraq's telecommunications sector is in talks with Starlink.

He added that his government is seeking a fair production quota that reflects Iraq's capabilities, with a target of increasing oil output to seven million barrels per day over the next three years, stating that this vision has been communicated to US companies.

Al-Zaidi also revealed plans to establish a joint energy and development fund with the US, with resources directed toward investment in electricity and infrastructure projects.

He said the initiative would initially be based on the equivalent of 500,000 barrels per day, with the potential to expand to two million barrels per day. These levels will depend on economic and production conditions and could exceed Iraq's current OPEC production quota.