Iraqi prime Minister Mohammed Shia Al-Sudani has called for a reassessment of Iraq’s oil export quota to reflect the country’s genuine production potential.
talking on the Baghdad worldwide power discussion board (BEIF) on Saturday, which was attended with the aid of the OPEC Secretary-trendy in conjunction with Arab, global, and company delegations, Sudani highlighted Iraq’s strategic role in global electricity markets, underpinned with the aid of reserves of round one hundred fifty billion barrels.
Sudani emphasised that Iraq’s present day export share does no longer align with its reserves, production potential, or population length. He reaffirmed the government’s commitment to increasing refining potential, attracting funding in oil and gasoline, and transitioning closer to higher-value exports. through 2030, at the least 40 percentage of Iraqi oil exports are planned to encompass refined merchandise instead of crude oil.
different key factors from his comments blanketed:
Iraq is starting six new refinery investment possibilities, alongside expansions of present facilities which includes the Karbala refinery.
Efforts are underway to diversify export routes, consisting of the Iraq-Syria pipeline, the Basra-Haditha line, and integration with the development road undertaking.
gas utilisation is being prioritised, with 70 percent of associated fuel already recovered and complete removal of flaring focused within two years.
Iraq is advancing renewable strength, inclusive of solar electricity and waste-to-strength initiatives, alongside incorporated oil and fuel ventures.
The authorities underlined the significance of social obligation for oil businesses in supporting nearby communities.
Sudani concluded that Iraq need to no longer remain a traditional crude exporter but ought to undertake contemporary practices that balance financial boom with weather exchange responsibilities.
