Iraqi Oil Minister Hayan Abdul Ghani confirmed on Sunday that the world still needs fossil fuels as the demand for oil is increasing in global markets.
Abdul Ghani delivered a speech during the United Nations Climate Week in Riyadh, Saudi Arabia. He stated that generating energy from both fossil fuels and clean sources requires significant investment. In light of this, Baghdad has recently shifted its focus towards using natural gas to generate electricity.
In a related context, the Iraqi minister expects demand for oil to increase by two million barrels per day next year, emphasizing the continued need for fossil fuels.
It is worth mentioning that in September of last year, the Iraqi government earned around $9.5 billion in financial revenue by exporting approximately 103 million barrels of crude oil.
