Shafaq News/ The Iraqi Minister of Oil, Hayyan Abdul Ghani, emphasized the ministry's objectives to sustain crude oil production and export, gas investment, and elevate the capacity of the strategic reserve of petroleum products.
During a field visit to the ministry's technical department, Abdul Ghani stated that the ministry "adheres to a vision and strategy focused on maintaining and increasing national crude oil, petroleum product, and gas production."
"The goal is to fulfill local consumption needs while maximizing strategic storage and stabilizing oil export rates to global markets." He explained.
The Iraqi minister also highlighted the necessity for "integrated coordination across sectors, including production, refinery, gas, and distribution."
Abdul Ghani urged concerned authorities to "enhance performance to realize the ministry's goals," expressing the ministry's commitment to "supporting the public and private sectors by supplying fuel for industrial and agricultural needs to sustain production."
Notably, Iraq has the world's fifth-largest oil reserves, estimated at 143 billion barrels.
According to the US Energy Information Administration (EIA), Iraq ranks fifth globally in oil production, contributing 4.61 million barrels.
In terms of natural gas reserves, Iraq secured the fifth position among Arab countries in 2023, with Qatar leading the list, according to "Oil and Gas" magazine.
Despite boasting vast oil and gas reserves, Iraq's journey to becoming a major energy player is riddled with obstacles. Security threats and political instability create an unpredictable environment for investors while aging infrastructure struggles to handle production and processing.
Resource depletion and technical limitations raise concerns about future sustainability, further exacerbated by the wasteful practice of gas flaring. Economic turmoil and opaque contracts add complexity.