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Iraq’s oil minister says the country’s oil sector is rebounding after a catastrophic year triggered by the coronavirus pandemic, with key investment projects on the horizon
Iraq oil minister: Prices will not drop to under $65 per barrel
Malcolm Mayes (R), managing director of the Basra Gas Company (BGC), and Iraq s oil minister Ihsan Abdul Jabbar (L) attend the inauguration of a new gas compressor station in the Rumaylah oil field near Iraq s southern port city of Basra on February 28, 2021 [HUSSEIN FALEH/AFP via Getty Images] May 4, 2021 at 9:07 am
Iraq s Oil Minister Ihsan Abdul Jabbar Ismail yesterday said he does not expect oil prices to drop below $65 a barrel and that lower oil prices should not be a concern after OPEC+ eases production cuts from May.
Iraq has been severely affected by the drop in crude oil prices over the past two years due to the coronavirus pandemic.
April 29, 2021
The Iraqi and Syrian oil ministers met in Baghdad on Thursday to discuss the importation of Egyptian gas and enhanced energy cooperation between Iraq and Syria.
Iraqi Oil Minister Ihsan Abdul-Jabbar Ismail hosted his Syrian counterpart Bassem Touma for an official visit. The two discussed the possibility of transporting Egyptian gas to Syria and then overland to Iraq. They also talked about strengthening energy cooperation, holding joint training and sharing information, according to a press release from Iraq’s Oil Ministry.
Iraq is rich in oil, but is heavily dependent on neighboring Iran for natural gas and electricity. The gas is especially needed for power plants in summer when people rely on cooling systems in the scorching heat. In recent years, Iraq has sought to obtain gas from elsewhere, particularly Egypt and Qatar.