Iraq energy report

• Iraq aims to reach 2.24 GW of renewable capacity in 2025.
• INOC, Iraqi National Oil Company, was created in 2021 to control the 7 state-owned upstream companies.
• BP operates Rumaila, the largest producing oil field, with 1/3 of total production.
• Crude oil production has doubled since 2010, despite a 12% decrease in 2020.
• Power capacity has more than tripled since 2010 from 12 GW to 39 GW.
• Iraq is the world's second largest gas flaring country and accounts for 12% of global flaring.
• Motor fuel prices dropped by 35% in 2020.
• Total energy consumption decreased by 8% in 2020.
• Oil is the country's main energy source, accounting for 69% of total consumption.
• The country aims to increase its oil production capacity from 3.9 mb/d in 2020 to 8 mb/d in 2027.
• In 2021, the Government signed agreements for 5 GW of solar with TotalEnergies, Masdar, and Power China.

• 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 privatizing 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) 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.

• 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 (2020, %)
• GRAPH 3: Gross power production by source (TWh)
• GRAPH 4: Power generation by source (2020, %)
• GRAPH 5: Gasoline & diesel prices (US$/l)
• GRAPH 6: Consumption trends by energy source (Mtoe)
• GRAPH 7: Total consumption market share by energy (2020, %)
• GRAPH 8: Final consumption market share by sector (2020, %)

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.