Iraq signals withdrawal from OPEC amid financial crisis following blockade in the Strait of Hormuz.

THE Iraq you can leave Organization of the Petroleum Exporting Countries (OPEC) if the cartel does not approve a significant increase in the country's fuel production, as reported by Reuters citing a high-ranking source from the Ministry of Petroleum of BaghdadAccording to the source, oil exports are Iraq's main source of income, and the country has been experiencing a crisis since the closure of the Strait of Hormuz, as a result of the war between United States, Israel and Iran node Persian GulfHowever, the news agency points out that the Baghdad administration wants to remain in OPEC and is seeking alternatives to expand its quota as a member country of the cartel. Currently, Iraq can produce 4.378 million barrels per day (bpd) in July. The country's departure would be a hard blow to OPEC's ranks, since… The United Arab Emirates left the group in April.Iraq is one of the five founding members and the second largest producer of the cartel, behind only Iraq. Saudi Arabia.

This text was translated by machine from Brazilian Portuguese.