Iraq is set to host this weekend the first Baghdad International Energy Forum, which is aimed at cementing the country’s role as a key player in the global energy market after decades of war and instability.
The two-day event begins on Saturday and will bring together Opec secretary general Haitham Al Ghais, regional energy ministers and executives from leading international oil giants BP, TotalEnergies, Eni and Shell, the Iraqi Oil Ministry announced.
Hosting the event in Baghdad reflects growing confidence in the country’s ability to handle high-level meetings. In May, Iraq successfully hosted the Arab League Summit.
Iraqi officials have said the gathering underscores Baghdad’s efforts to position itself as both a major oil producer and a regional hub for energy diplomacy.
Foreign Minister Fuad Hussein said the country “seeks to present a new vision for the global energy future” through the forum.
“Iraq, with its vast natural wealth and capabilities, is capable of enhancing regional and international economic stability,” said Mr Hussein, who’s also Deputy Prime Minister.
Despite being Opec’s largest producer behind Saudi Arabia, Iraq was in the past unable to develop its vast resources and play an influential role in the global energy market due to decades of war, UN-imposed economic sanctions and instability.
Encouraged by an improved security situation, the country started in 2009 to open its oilfields to international companies for development. Top among major oil companies were the US‘s Exxon Mobil, Royal Dutch Shell, the UK’s BP, China’s CNPC and Russia’s Lukoil.
Strategic step
Since then, Iraq has awarded dozens of oil deals to develop major fields, including ones that hold more than half of its 145.02 billion barrels of proven reserves. Deals to tap natural gas resources have also been awarded.
As a result, Iraq’s daily production and exports have risen to levels not seen since the discovery of oil in the first quarter of the last century.
The country is now producing more than 4 million barrels per day from Baghdad-controlled oilfields, up from nearly 2.4 million bpd in 2009, and its daily exports averaged 3.38 million bpd last month, according to Oil Ministry data.
Oil revenue makes up more than 90 per cent of the country’s budget.
The head of Iraq's State Oil Marketing Organisation Ali Al Shatari announced that the forum will bring together countries from within and outside Opec, as well as global institutions specialising in exploration, oil markets, and energy-related economic research.
“The forum represents a strategic step to solidify Iraq's pivotal role in balancing global energy markets,” Mr Al Shatari said. As the second-largest oil producer in Opec and a major supplier to global markets, Iraq “should be at the forefront of international energy events”, he added.
The forum will discuss a range of issues, including the balance between fossil fuels and clean, renewable energy sources, the role of oil and gas in supporting industrial and technological transitions and the growing demand for electricity to meet the requirements of the digital revolution, mainly AI, he stated.
