IEA sees oil lubricating Iraq's power globally
Source: Agencies |
October 10, 2012, Wednesday
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Print Edition
Print Edition
THE International Energy Agency predicted yesterday that Iraq will consolidate its position as a global oil power - allowing it to rebuild the economy of a nation ravaged by war and decades of Saddam Hussein's autocratic rule.
The leading global energy monitor reported that Iraq's annual revenues from energy exports could double to an average of US$200 billion annually over the next 20 years. That optimistic scenario would make Iraq's economy the same size as that of Saudi Arabia now by 2035.
"I am optimistic about Iraq and Iraq's contribution to the global oil markets and them being able to reconstruct their country," Fatih Birol, the IEA's chief economist, said in an interview with The Associated Press. "So a new, modern and prosperous country is set to emerge in the Middle East as a result of oil and gas revenues."
The IEA is a policy adviser to 28 member countries, mostly industrialized oil consumers. The Paris-based group's predictions are important because they are seen as key benchmarks for energy markets.
In the group's "central scenario," Iraq's oil exports are projected to grow from 3 million barrels a day now to 6.1 million barrels a day in 2020 and 8.3 million barrels a day in 2035. Iraq is already the world's third-largest oil exporter.
But the IEA said Iraq needed to sort out internal issues in order for its predictions to come true. Disputes between Iraq's central government and some regional governments regarding oil contracts must be resolved.
At the same time, Iraq must complete projects to ensure water is supplied to the oil fields to assist in the extraction process. More oil export facilities also need to be completed.
The leading global energy monitor reported that Iraq's annual revenues from energy exports could double to an average of US$200 billion annually over the next 20 years. That optimistic scenario would make Iraq's economy the same size as that of Saudi Arabia now by 2035.
"I am optimistic about Iraq and Iraq's contribution to the global oil markets and them being able to reconstruct their country," Fatih Birol, the IEA's chief economist, said in an interview with The Associated Press. "So a new, modern and prosperous country is set to emerge in the Middle East as a result of oil and gas revenues."
The IEA is a policy adviser to 28 member countries, mostly industrialized oil consumers. The Paris-based group's predictions are important because they are seen as key benchmarks for energy markets.
In the group's "central scenario," Iraq's oil exports are projected to grow from 3 million barrels a day now to 6.1 million barrels a day in 2020 and 8.3 million barrels a day in 2035. Iraq is already the world's third-largest oil exporter.
But the IEA said Iraq needed to sort out internal issues in order for its predictions to come true. Disputes between Iraq's central government and some regional governments regarding oil contracts must be resolved.
At the same time, Iraq must complete projects to ensure water is supplied to the oil fields to assist in the extraction process. More oil export facilities also need to be completed.
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