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Why is energy important in Iraq?

Energy in Iraq plays a crucial role in both the national economy and the global energy markets due to the country's vast oil reserves and significant status within the Organization of the Petroleum Exporting Countries (OPEC). Iraq holds abundant oil and gas resources and has strong solar PV potential.

How does Iraq generate electricity?

Iraq's electricity generation primarily depends on fossil fuels. In 2021, natural gas was the largest source at 57.3% of the total, followed by oil at 36.7%. Renewable energy, mainly from hydroelectric power, contributed 5.9%. As of 2023, the 30 gigawatts (GW) of installed capacity cannot meet summer peak demand.

Where does Iraqi gas come from?

4 The majority of Iraqi gas production is associated gas from oil fields in Southern Iraq. The contents of this paper are the authors’ sole responsibility. They do not necessarily represent the views of the Oxford Institute for Energy Studies or any of its Members.

Does Iraq have a gas industry?

See: Ahmed Mehdi, Iraqi Oil: industry evolution and short and medium-term prospects, OIES Working Paper, October 2018 2Iraq’s private sector has typically found it difficult to compete with cheap imports from Iran and Turkey. 4 The majority of Iraqi gas production is associated gas from oil fields in Southern Iraq.

How much oil does Iraq produce a day?

It also takes a detailed look at the country’s oil and gas sector, projecting that Iraq’s oil production will grow by 1.3 million barrels a day by 2030, becoming the world’s fourth-largest oil producer behind the United States, Saudi Arabia and Russia.

What is the future of electricity supply in Iraq?

There are a number of pathways available for the future of electricity supply in Iraq but the most affordable, reliable and sustainable path requires cutting network losses by half at least, strengthening regional interconnections, putting captured gas to use in efficient power plants, and increasing the share of renewables in the mix.