raqi Prime Minister Mohammed Shia Al-Sudani has called for a reassessment of Iraq’s oil export quota to reflect the country’s true production capacity.
Speaking at the Baghdad International Energy Forum (BEIF) on Saturday, which was attended by the OPEC Secretary-General along with Arab, international, and corporate delegations, Sudani highlighted Iraq’s strategic role in global energy markets, underpinned by reserves of around 150 billion barrels.
Sudani emphasised that Iraq’s current export share does not align with its reserves, production potential, or population size. He reaffirmed the government’s commitment to expanding refining capacity, attracting investment in oil and gas, and transitioning towards higher-value exports. By 2030, at least 40 percent of Iraqi oil exports are planned to consist of refined products rather than crude oil.
Other key points from his remarks included:
- Iraq is opening six new refinery investment opportunities, alongside expansions of existing facilities such as the Karbala refinery.
- Efforts are underway to diversify export routes, including the Iraq-Syria pipeline, the Basra-Haditha line, and integration with the Development Road project.
- Gas utilisation is being prioritised, with 70 percent of associated gas already recovered and full elimination of flaring targeted within two years.
- Iraq is advancing renewable energy, including solar power and waste-to-energy projects, alongside integrated oil and gas ventures.
- The government underlined the importance of social responsibility for oil companies in supporting local communities.
Sudani concluded that Iraq must not remain a traditional crude exporter but should adopt modern practices that balance economic growth with climate change obligations.
(Source: PMO)
