Iraq
Iraqi President Abdul Latif Rashid speaking at the 7th Gas Exporting Countries Forum in Algiers, Algeria on March 2, 2024. Photo: President Rashid's office
ERBIL, Kurdistan Region - Iraqi President Abdul Latif Rashid on Saturday highlighted the global need for stability in the energy sector, saying energy shortages are as much of a threat as climate change, while attending a gas summit in the Algerian capital.
“It has become clear that the world needs stability in the energy sector and confidence in this stability, just as it needs energy itself,” Rashid said during his remarks at the 7th Gas Exporting Countries Forum (GECF).
“Global efforts are still focused on achieving a balance between energy and reducing emissions, and energy shortages are no less harmful than the effects of global warming on human beings, as there are nearly a billion people in the world who lack access to energy sources,” he added.
Iraq is one of the world’s nations most vulnerable to the effects of climate change. It also has one of the world’s largest proven oil reserves, yet it is dependent on energy imports. And it is second only to Russia in terms of the amount of gas it flares, a process that is a significant contributor to global climate change.
Rashid arrived in Algiers on Saturday morning, received by his Algerian counterpart Abdelmadjid Tebboune, to partake in the forum. He heads a delegation consisting of Oil Minister Hayyan Abdul-Ghani, Kurdistan Regional Government (KRG) representative in Baghdad Faris Issa, and several other officials.
In his remarks, Rashid highlighted the Iraqi government’s efforts towards energy security, including the launch of new gas fields and projects, carbon reduction projects, and signing contracts and memorandums of understanding with international firms in the field of solar energy.
He said that Iraq accounted for one-fifth of the global increase in oil production over the past ten years, producing an average of 4.7 million barrels of oil per day.
Oil revenue is Iraq’s main source of income, relied on to cover government costs and pay civil servant salaries. The country pocketed $97.5 billion from oil sales in 2023, a significant decline from 2022’s record-setting $115 billion.
Rashid met with his Iranian counterpart Ebrahim Raisi on the sidelines of the summit. The two leaders emphasized the importance of such events for global energy stability and stressed the need to boost bilateral cooperation and work towards achieving “comprehensive development,” according to a statement from the Iraqi president’s office.
Iraq’s energy sector is closely tied to Iran. Baghdad depends on electricity and natural gas imports from its neighbor to power its national grid.
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