Iraq energy storage spot prices

How much money does Iraq need to rebuild its energy sector?

The economic constraints brought on by lower oil prices and revenues further dent Iraq’s ability to invest in the rehabilitation of its energy sector, which will require between US$5bn and US$7bn per year over the next decade19.

What is the main energy source in Iraq?

Oil is the country's main energy source, accounting for two thirds of total energy consumption. By 2027, the country plans to double its oil production to 8 mb/d and expand its export capacity by 50%. Saudi Arabia and Iraq will build a 1 GW transmission line by 2023-2024. Iraq's economy is mainly based on the oil industry.

How much gas does Iraq use per day?

Last year alone, Iraq signed deals for an estimated 1 billion standard cubic feet per day (cf/d) of gas capture, which was to be used to feed its power stations (see Table 1). These projects would have gone a considerable way to reducing the huge volume of natural gas that is currently allowed to escape unused from the country’s oil industry.

How much oil does Iraq produce a day?

It also takes a detailed look at the country’s oil and gas sector, projecting that Iraq’s oil production will grow by 1.3 million barrels a day by 2030, becoming the world’s fourth-largest oil producer behind the United States, Saudi Arabia and Russia.

How much electricity is lost in Iraq?

Of the electricity that is produced, a further 50-60% is lost in transmission and distribution, making Iraq one of the worst performers globally by this metric.

Should Iraq invest if oil prices recover?

In a sense, policymakers in Iraq now face a choice between not investing at all in the sector until oil prices recover, and revisiting their investment models in an effort to attract private investment.