Iraq’s Minister of Oil, Hayyan Abdul Ghani, highlighted today at the 6th Baghdad International Dialogue Conference the critical role of Iraq in the global oil market, while outlining ambitious plans to increase production in the coming years. The conference, organized by the Iraqi Dialogue Institute at the University of Baghdad, brings together policymakers, academics, and industry experts to discuss regional development and economic cooperation.
Minister Abdul Ghani noted that the global population is expected to rise to 9.5 billion by the middle of this century, which will significantly increase the demand for oil and raise the production ceiling of OPEC to 116 million barrels per day.
He emphasized that “the Iraqi state budget relies primarily on oil revenues, placing a substantial responsibility on the Ministry of Oil to ensure the continuity of the country’s main financial resource.”
The minister also outlined Iraq’s ambitious plan to increase oil production, stressing that as a founding member of OPEC, Iraq is committed to adhering to the organization’s agreed production ceilings. “Our current production, according to Iraq’s OPEC quota, stands at four million barrels per day,” he said, “a level that ensures global market stability while balancing supply and demand.”
Abdul Ghani added that the Ministry is continuously evaluating strategies to optimize production capacity and investment in infrastructure, emphasizing that any increase in output will be carefully aligned with global market dynamics to avoid destabilizing prices.
He concluded by stressing Iraq’s strategic role in OPEC and the global energy market, asserting that the country’s policies aim to support both national economic development and regional energy stability.
This announcement at the conference underscores Iraq’s commitment to maintaining its pivotal position in the global oil industry while pursuing sustainable growth and development.
