Iraq has ambitious targets for oil prices, growth in the gas sector
Iraq’s vast oil reserves are enough to maintain current production for another century, but as the world works to wean itself off hydrocarbons, Baghdad has no choice but to adapt
Baghdad (IraqiNews.com) – Mohammed Shia Al-Sudani, the Prime Minister of Iraq, has set out on a quest to increase his nation’s influence in the world energy market.
Al-Sudani recently announced his intention to work with several American corporations, highlighting the necessity of bringing in more funding for Iraq’s expanding gas sector. His ambitions for Iraq go beyond local progress; he wants to see his country emerge as a dominant force in the global gas market.
Al-Sudani expressed his administration’s steadfast commitment to investing in the gas industry during an interview with Bloomberg in New York, saying: “My government is serious about investment in gas and aims to be an active and powerful player in the gas market.”
United States companies contribute not just considerable funds but also cutting-edge technological know-how, both of which are essential for the upgrading and growth of Iraq’s gas infrastructure. This action fits in with Iraq’s overarching plan to diversify its energy sources, lessen its dependency on oil, and take advantage of the rising demand for greener energy sources throughout the world.
Al-Sudani, also discussed his predictions on the price of oil in an interview with Bloomberg. He outlined his expectations for an oil-strong market and established a target price range of $85 to $95 per barrel as a minimum.