Iraqi Oil Minister expects increase in demand for oil of 2 million barrels in 2024
An Iraqi worker adjusts a control valve at the Daura oil refinery, Baghdad, Iraq. Photo: Getty Images
Baghdad (IraqiNews.com) – The Iraqi Minister of Oil, Hayan Abdul-Ghani, said on Sunday that both fossil fuels and clean energy sources require huge investments.
In a statement during his participation in the MENA Climate Week 2023 in the Saudi capital, Riyadh, Abdul-Ghani explained that Baghdad has shifted its focus towards the use of natural gas to generate electricity.
The Iraqi Oil Minister indicated that the world still needs fossil fuels in light of an expected increase in demand for oil in 2024.
The Iraqi official also expected that the demand for oil would rise by about two million barrels per day next year.
The revenues generated by the Iraqi government from crude oil exports last month reached $9.5 billion, as Iraq exported about 103 million barrels of oil.
Oil exports in Iraq are expected to rise after the Turkish Minister of Energy and Natural Resources, Alparslan Bayraktar, confirmed last Thursday that the oil pipeline between northern Iraq and Turkey became ready to operate after a halt that lasted for more than six months.
Abdul-Ghani, during his participation last week in the ADIPEC energy conference in the UAE capital, Abu Dhabi, mentioned that 30 new oil and gas projects will be offered in the ministry’s fifth+ and sixth licensing rounds.