Baghdad: Iraqi Prime Minister Mohammad Al-Soudani on Saturday expressed the desire to increase his nation's quota of crude oil exports within OPEC, urging other oil-producing countries to understand Baghdad's need in this respect. Al-Soudani addressed the International Baghdad Energy Forum, highlighting Iraq's significant oil reserves and the country's potential to supply the international market for an extended period.
According to Kuwait News Agency, Al-Soudani noted that Iraq's oil reserves stand at 150 billion barrels, which could supply the global market for 120 years. However, he pointed out that the exporting capacity does not align with the reserves volume, output capacity, and population size. While he refrained from mentioning Iraq's specific quota within the Organization of Petroleum Exporting Countries (OPEC), media reports indicate it is around 3.38 million barrels per day.
The Prime Minister expressed Iraq's openness to hosting companies willing to invest in its oil and gas sectors, offering preferential incentives for such conglomerates in line with the country's higher interests. He stated that by 2030, 40 percent of Iraq's oil exports would be transformed into derivatives, with relevant ventures already in progress to achieve this goal.
Al-Soudani emphasized Iraq's commitment to diversifying its oil products, focusing on increasing production. He revealed that Baghdad had engaged in talks with Syria to reopen the old pipeline as one of the options to diversify export routes, showcasing Iraq's strategic approach to enhancing its oil export capabilities.