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 Arab oil giant unable to light its cities !!

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Join date : 2015-02-19

PostSubject: Arab oil giant unable to light its cities !!   Mon Oct 22, 2018 2:39 pm

Arab oil giant unable to light its cities !!

22-10-2018 06:44 PM

The Euphrates -

In an article published Monday, the Bloomberg agency highlighted the electricity crisis in Iraq. "This country, which has become the fourth largest crude producer, surpasses Canada, has little to show."

Bloomberg said that although Iraq has quickly become a global oil power, it faces domestic challenges including the electricity crisis.

It added that Iraq, which destroyed its infrastructure during the war against the terrorist organization 'Da'ash', increases its oil exports to Asia and European countries with the imminent application of US sanctions on Iranian oil, coinciding with the preoccupation with oil markets in Saudi Arabia, the largest producer in OPEC.

The oil minister said last Saturday that Iraq's oil production currently stands at 4.78 million barrels per day, with expectations to rise to 5 million barrels in 2019, and to 7.5 million barrels in 2024.

Wood Mackenzie predicts that by 2025, Iraq will pump about 6 million barrels per day (bpd), noting that the pace of growth of Iraq's oil production will exceed the rest of the producing countries.

Despite Iraq's oil wealth, it lacks a steady supply of electricity and finds it difficult to attract foreign investment to create new jobs and incentives for local firms.

"Increased oil production is good news, but Iraq is still failing to provide basic services to its citizens, such as clean water, including the residents of Basra, where most of the oil is extracted," said Ziad Daoud, chief economist at Bloomberg Middle East. '.

The Iraqi Ministry of Electricity announced on Sunday that it has signed two agreements with General Electric and Siemens to develop the country's energy sector and provide about 24,000 gigawatts of electricity.

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