Iraq Signals Possible OPEC Exit Amid Drop in Global Oil Prices

Iraq has signalled a potential exit from the Organization of the Petroleum Exporting Countries (OPEC), placing the global oil market on alert, according to available reports.

Separately, a significant drop in global oil prices has been observed in the international market. The specific details regarding the potential Iraqi move and the market fluctuations remain unclear.

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Updated: 5:34 AM PKT — June 27, 2026

Crude oil prices have fallen by 4.5% in the international market, according to the latest available information.

Jamaat-e-Islami (JI) Ameer Hafiz Naeem-ur-Rehman has called on the government to reduce the price of petrol to Rs 225 per litre, following a drop in global oil prices to below $70 per barrel. In a statement from Lahore on June 26, he urged the government not to use oil marketing companies as an excuse to deny relief to the public.

Hafiz Naeem stated that the petroleum levy should be abolished to provide genuine relief to the people. He argued that lowering petrol and diesel prices is essential for the economy to function. He also demanded that the government bring the prices of all essential commodities back to their pre-war levels.

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