Iraq energy report

• Iraq ratified its NDC with the objective to cut CO₂eq emissions from industry by 1-2% by 2030.
• A new Federal Court decision will oblige Kurdistan to deliver its whole oil production to Iraq.
• Oil and gas markets are divided into IOCs and NOCs. The largest IOC in the oil sector is BP, followed by ENI.
• INOC, Iraqi National Oil Company, was created in 2021 to control the 7 state-owned upstream companies.
• Oil production has been decreasing since 2019, after a period of rapid growth. Its share in OPEC production fell from 12% in 2021 to 16% in 2019.
• Gas represents 61% of the power mix.
• In 2021, motor fuel prices were back to their 2018 levels.
• Electricity consumption per capita is much lower than in neighbouring countries at around 1 MWh.
• Oil is the country's main energy source, accounting for 73% of total 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.

• 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

  Electricity:

  The electricity sector is entirely managed by the Ministry of Electricity through various regional companies. Over the few past years, however, private sector participation in power generation and transport has increased. Recently elected politicians reinforced the importance of privatising the power sector to fight supply outages.

• 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 (end of 2021) and are mainly located in the east of the country.

• Energy Prices

  Oil:

  In 2021, gasoline and diesel prices got back to their 2018 levels, reaching US$0.39/l and US$0.22/l, respectively. In 2020, these prices had dropped by around 35%. Previously, gasoline and diesel prices remained unchanged between 2012 and 2014.

• Energy Consumption

  Total energy consumption per capita amounted to 1.2 toe/capita in 2021. Electricity consumption per capita was 1 030 kWh in 2021. It remains much lower than in neighbouring countries (1 900 kWh in Jordan and 3 300 kWh in Turkey).

• 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.

• GENERAL OVERVIEW
• INSTITUTIONS AND ENERGY POLICY
• ENERGY COMPANIES
• ENERGY SUPPLY
• ENERGY PRICES
• ENERGY CONSUMPTION
• ISSUES AND PROSPECTS
• DATA TABLES
• ABBREVIATIONS
• GLOSSARY

Download the Table of Contents

Below is a list of the Iraq energy market report graphs:

• GRAPH 1: CO₂-energy Emissions (MtCO₂)
• GRAPH 2: Installed electric capacity by source (2021, %)
• GRAPH 3: Gross power production by source (TWh)
• GRAPH 4: Power generation by source (2021, %)
• GRAPH 5: Gasoline & diesel prices (US$/l)
• GRAPH 6: Consumption trends by energy source (Mtoe)
• GRAPH 7: Total consumption market share by energy (2021, %)
• GRAPH 8: Final consumption market share by sector (2021, %)

In the Iraq energy market report you will find the following tables:

• Economic Indicators: Annual historical data including population, GDP growth, imports and exports, inflation rate, energy security and efficiency indicators, CO₂ emissions.
• Supply Indicators: Historical data including oil and gas reserves, electric and refining capacity, energy production, power production and external trade. All are detailed by energy source.
• Demand Indicators: Historical data including consumption per inhabitant, consumption trends, total consumption by energy source, final consumption by energy source and sector, and electricity consumption by sector.
• Energy Balances: Single table displaying the overall energy industry balance per annum, also graphically displayed by energy sub-segment.
• Infrastructure Projects: Covers power plant projects by energy, technology, status and operator.