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IEA deals exclusively with Baghdad in the energy file; Executive Director says

Category: Economy

Date: 2022-05-27T21:22:46+0000
IEA deals exclusively with Baghdad in the energy file; Executive Director says

Shafaq News/ On Friday, Iraqi Oil Minister Ihsan Abdul-Jabbar met with the Executive Director of the International Energy Agency in Paris.

The Iraqi Oil Ministry said that Abdul-Jabbar met Dr Fatih Birol in a statement. During the meeting, they discussed the importance of Iraq's role in the global energy file, the need to unify national energy plans, and work on developing and rehabilitating oil and gas fields through integrated projects, "especially since Iraq can enhance its position in the production of crude oil to ensure the stability of the global energy and oil market."

The Ministry's statement quoted Birol saying that the Agency "deals with Baghdad exclusively as it has the authority, and ability to take legal decisions on the energy file at the internal and external levels."

According to worldmeters, Iraq holds 143,069,000,000 barrels of proven oil reserves as of 2016, ranking 5th in the world and accounting for about 8.7% of the world's total oil reserves of 1,650,585,140,000 barrels.

Iraq has proven reserves equivalent to 457.4 times its annual consumption. Therefore, without Net Exports, there would be about 457 years of oil left (at current consumption levels and excluding unproven reserves).

Iraq ranks 26th in the world for oil consumption, accounting for about 0.9% of the world's total consumption of 97,103,871 barrels per day.

Iraq produces 4,443,457.39 barrels per day of oil (as of 2016), ranking 6th globally.

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