Iraqi officials have indicated that Baghdad is seriously considering withdrawing from OPEC, whose decision-making they say is dominated by Saudi Arabia.

If such a move were to take place, Iraq would deliver what is described as a second blow to Saudi Arabia, following what the report characterises as the first blow by the United Arab Emirates through its withdrawal from OPEC in April.

While Saudi media outlets have sought statements from officials at Iraq’s Ministry of Oil denying that there is any official consideration of withdrawal, the officials who raised the prospect of leaving the organisation hold positions senior to those within the ministry.