By RTCC Staff
Iraqi oil reserves could add 5 million barrels a day to global supply.
The IEA is to study the Iraqi oil sector in focus this year as the country looks to use its vast resources to develop its infrastructure.
The country will be the largest additional source of fossil fuels between now and 2035 with more than 5 million barrels a day added to the global supply.
“Iraq’s energy sector is both central to the reconstruction and development of the Iraqi economy and of huge importance to the global outlook,” said Maria van der Hoeven, Executive Director, IEA.
“The focus on Iraq in this year’s World Energy Outlook will illuminate a central issue for the future of global energy,” she added.
While some climate scientists believe that exploiting additional fossil fuel resources will take the planet beyond the 2 C warming target, Iraq is keen to use its reserves to boost its development.
“We hope that the analysis in the World Energy Outlook can contribute to this process, providing perspectives and insights that will help us as we pursue strong social and economic development and our place as a major, dependable oil and gas exporter,” said HE Dr Fareed Yaseen, Iraqi Ambassador to France.
Following recent instability in the region, Iranian Oil Minister Rostan Qasemi warned that world oil prices could soar to $200 a barrel.