Baghdad: Prime Minister Mohammed Shia al-Sudani declared that Iraqi oil reserves are expected to supply global markets for over 120 years. In his address at the opening of the Baghdad International Energy Forum, al-Sudani emphasized Iraq’s strategic initiative to enhance its oil export industry by focusing on high-value derivatives, moving beyond the role of a conventional oil exporter.

According to National Iraqi News Agency, al-Sudani highlighted the disparity between Iraq’s oil export share and its substantial reserve, production capacity, and population size. He emphasized Iraq’s efforts to diversify its crude oil and petroleum derivative export outlets.

Al-Sudani further noted the importance of the gas sector as a strategic and economic priority for enhancing regional security. He outlined Iraq’s plan to end the flaring of associated gas and fully utilize 1,300 million cubic feet, with a current achievement of over 70% gas reuse. The Prime Minister expressed confidence in completely eliminating flaring within the next two years.