Iraqi PM Highlights Importance of Gas Investment and OPEC’s Role in Energy Market

Shafaq News/ On Friday, Iraqi Prime Minister Muhammad S. al-Sudani emphasized that Iraq had signed significant gas investment agreements, noting that gas entry into the energy market has brought forth new responsibilities.

During his speech at the commemoration of the anniversary of the founding of the Organization of the Petroleum Exporting Countries (OPEC) in Baghdad, al-Sudani stated, “Oil continues to be a fundamental source of energy worldwide, holding significance in politics, economy, development, and the environment. It is essential for countries that rely on its production or consumption.” He added, “When OPEC was established, oil wealth was managed by monopolistic companies, which led to countries losing their sovereignty and influence in the oil market.”

Al-Sudani explained that OPEC member states now exercise “full sovereignty” in managing their oil plans, production, and industry, allowing them to shape their oil policies. He highlighted that the organization’s responsibility extends beyond export boundaries and encompasses market regulation and price control, aiming to achieve a fair price for producers and consumers.

The remarks by Prime Minister al-Sudani underscore the significance of gas investment for Iraq’s energy sector and the evolving role of OPEC in the global energy market. As Iraq continues to develop its gas resources and diversify its energy portfolio, the country seeks to assert its sovereignty and actively participate in shaping oil policies to benefit both producers and consumers worldwide.