2nd
largest gas flaring country worldwide in 2020
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This analysis includes a comprehensive Iraq energy market report and updated datasets. It is derived from the most recent key economic indicators, supply and demand factors, oil and gas pricing trends and major energy issues and developments surrounding the energy industry. The report provides a complete picture of the country situation, dynamics, current issues and future prospects. With 2020 market data and continuous follow-up of markets news, this report brings clear and concise insights with which to tackle national energy challenges and opportunities. Browse the tabs below for a detailed table of contents, the list of graphs and tables, and details on the data files.
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Highlights
2nd
largest gas flaring country worldwide in 2020
+27 GW
between 2010 and 2020, i.e. 3 times the 2010 level
-12%
oil production in 2020
Abstract
Institutions & Energy Policy
Iraq's economy is mainly based on the oil industry. The State controls the energy sector through two ministries.
The Ministry of Oil (MoO) supervises all the oil and gas activities and regulates the exploitation rights of the country's hydrocarbon reserves.
Energy Companies
Gas:
Gas production is managed by two regional state-owned firms operating under the control of the Ministry of Oil: North Gas Company (NGC) and South Gas Company (SGC).
Energy Supply
Resources:
The proven crude oil reserves were re-evaluated by the Government in 2017 and are estimated at about 20 Gt. They are the third largest in the world (fifth largest when including unconventional reserves, which represent 17% of proven reserves in the Middle East and 8% of the global reserves) and are mainly located in the east of the country.
Energy Prices
Oil:
Gasoline and diesel prices both dropped by around 35% in 2020 due to the COVID-19 pandemic, reaching US$0.23/l and US$0.13/l, respectively. Previously, gasoline and diesel prices remained unchanged between 2012 and 2014. Gasoline prices increased in 2015 and 2016 to US$0.49/l before returning to their 2012-2014 levels as of 2017 (at US$0.38/l), and were quite stable over 2018-2019.
Energy Consumption
Total energy consumption per capita amounted to 1.5 toe/capita in 2020. Electricity consumption per capita was 1 110 kWh in 2020. It remains much lower than in neighbouring countries (1 760 kWh per capita in Jordan in 2019 and 3 045 kWh in Turkey in 2020).
Issues & Prospects
In 2013, Iraq published its Integrated National Energy Strategy (INES) until 2030, which could represent US$620 bn in investments in the energy sector. Beside infrastructure development, the strategy noted the need for institutional reforms to foster private participation in the energy sector.
Below is a list of the Iraq energy market report graphs:
In the Iraq energy market report you will find the following tables:
The Iraq energy market data since 1990 and up to 2020 is included in the Excel file accompanying the Iraq country report.
It showcases the historical evolution, allowing users to easily work with the data.
Key Data included in the excelsheet:
The Iraq country report is complemented with a national power generation dashboard (excel file) from our Power Plant Tracker Service.
Data included in the excelsheet:
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