IEA: Iraq can make major contribution to stability of global energy markets
Azerbaijan, Baku, Oct. 10 / Trend A.Badalova /
Iraq can make a major contribution to the stability and security of global energy markets, the International Energy Agency (IEA) said in a special report of the World Energy Outlook.
According to the report's chief author, IEA Chief Economist Fatih Birol, developments in Iraq's energy sector are critical for the country's prospects and also for the health of the global economy.
"But success is not assured, and failure to achieve the anticipated increase in Iraq's oil supply would put global oil markets on course for troubled waters," Birol said.
According to the IEA's Central Scenario, Iraq's oil production will increase to more than 6 million bpd in 2020 and reach 8.3 million bpd in 2035 with the country becoming a major supplier to Asian markets, especially to China and India.
Iraq accounts for 45 percent of the growth in global production to 2035, the reports said. IEA expects the country by the 2030s to become the second-largest global oil exporter, overtaking Russia.
According to IEA's estimates, Iraq's proven reserves of conventional natural gas amount to 3.4 trillion cubic metres, or about 1.5 percent of the world total, placing Iraq 13th among global reserve-holders.
In IEA projections, Iraq's marketed gas production is expected to increase significantly over the projection period, from less than 10 bcm in 2010 to almost 90 bcm by 2035 in the Central Scenario.