Iraqi Oil Minister expects increase in demand for oil of 2 million barrels in 2024

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Iraqi Oil Minister expects increase in demand for oil of 2 million barrels in 2024

The Minister of Oil for Iraq, Hayan Abdul-Ghani, stated on Sunday that both traditional energy sources and renewable energy require significant investments.

In a statement during his participation in the MENA Climate Week 2023 in Riyadh, Abdul-Ghani stated that Baghdad is now focusing on using natural gas to generate electricity.

The global increase in demand for oil in 2024 was emphasized by the Iraqi Oil Minister, who stated that fossil fuels are still necessary.

The demand for oil in Iraq is expected to rise by two million barrels per day next year, according to an Iraqi official.

The Iraqi government generated $9.5 billion from crude oil exports last month, exporting about 103 million barrels.

Last Thursday, the Turkish Minister of Energy and Natural Resources, Alparslan Bayraktar, confirmed that the oil pipeline between northern Iraq and Turkey is now operational after a halt that lasted for over six months. As a result, experts predict that oil exports from Iraq will increase.

During his participation in the ADIPEC energy conference in Abu Dhabi last week, Abdul-Ghani announced that the ministry will offer 30 new oil and gas projects in its fifth and sixth licensing rounds.