{"text":[[{"start":8.6,"text":"Iraq is pushing Opec to allow it to pump more oil as it seeks to recover from its financial crisis triggered by the US-Iran war, and has raised the prospect of leaving the cartel if it cannot fulfil its full production potential. "}],[{"start":22.549999999999997,"text":"The country’s oil ministry said on Thursday that while there was “currently no intention” for Iraq to withdraw from Opec, it expected the group to increase the share of oil that it was allowed to pump in the future. "}],[{"start":34.949999999999996,"text":"“If that does not happen, there will be a decision regarding staying in or exiting the organisation,” a ministry spokesperson told Bloomberg on Thursday morning. A source familiar with the Iraqi government’s position confirmed to the FT that leaving Opec in the future had been one option under consideration as it tried to recover from the crisis caused by the Middle East conflict. "}],[{"start":57.75,"text":"The country relies heavily on oil sales for its income, which was drastically reduced when the Iran war in effect blocked exports via the Strait of Hormuz, forcing the weeks-old Iraqi government to print money to meet its bloated public-sector payroll."}],[{"start":72.3,"text":"The warning follows the United Arab Emirates’ decision at the end of April to leave Opec, after long-running frustrations over its production quotas and simmering tensions with Saudi Arabia, the de facto leader of the group. "}],[{"start":86.5,"text":"Opec last year hired US consultancy DeGolyer and MacNaughton to assess the production capacity of all of its members during 2026 so that quotas could be reset for 2027. "}],[{"start":98.25,"text":"In a statement to Iraq’s national news agency later on Thursday, the oil ministry said that it had “consistently stressed the importance of reassessing production ceilings in line with the sustainable production capacities of member states”. "}],[{"start":114.1,"text":"However, the ministry appeared to soften its earlier position, saying that “what has been raised regarding Iraq threatening to end its membership in Opec does not reflect the official position of the Iraqi government”."}],[{"start":125.89999999999999,"text":"After its departure, the UAE increased its oil exports by almost a million barrels a day (b/d) in June to 4.05mn b/d, according to data from analytics platform Kpler. "}],[{"start":138.35,"text":"Before the US-Iran war, Iraq was the second-largest producer in the Opec group. It is pushing for greater sway as it courts foreign investment to boost its oil industry. Since February, US oil major Chevron has been in exclusive talks to take over and manage the giant West Qurna 2 oilfield, which was previously operated by Russian producer Lukoil. As one of the five founding members of Opec, any prospect of Iraq leaving would be a significant blow to the group. Opec did not immediately respond to a request for comment."}],[{"start":173.05,"text":"“If Iraq has extra spare capacity, a higher target would likely emerge from that process without the need to make noise,” said Paul Horsnell, an independent energy analyst and chair of the board of the Oxford Institute for Energy Studies. "}],[{"start":186.85000000000002,"text":"He added that winning a higher share of Opec’s overall production “would be very possible” for Iraq. "}],[{"start":199.60000000000002,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1782449423_3471.mp3"}