financial wire, official reversal reporting

Bloomberg carried the ministry's original warning and then the same-day reversal: officials told Bloomberg the statement did not reflect official government policy. Notes Iraq is suffering a financial crisis following the Iran war and that its post-war reconstruction spending requires higher oil revenues than the current quota allows.

“Iraq might leave OPEC if its production quota is not raised, the oil ministry warned, before officials told Bloomberg the statement was not an official government position.”