Iraqi Finance Minister Ali Allawi called for a transition from exporting crude oil to electric power, and while he stressed that there is a great opportunity for Iraq to become the largest producer of electric power, the country is experiencing an electricity crisis.
Allawi said, in his speech today, Saturday, during the Energy Forum in Baghdad, that Iraq should not be satisfied with exporting oil, and it should pay attention to exporting energy and focus on the electricity sector, pointing out that "Iraq is now not in the previous situation where it faces problems and must reach the right strategies. ".
He added that during the next 25 years the demand for energy will change, and Iraq should prepare for this culture and pay attention to the economic infrastructure, stressing the need for economic policies to be designed according to the circumstances surrounding the world, considering that this is not an easy task.
He pointed out, "the shift to the so-called additional value in the export of oil and dependence, and although Iraq is the least expensive country in the production of oil, there is competition in the sale of oil," adding: "We have to think about the transfer of capital for investment and preservation."
He stressed that there is a great opportunity to invest in the electricity sector and for Iraq to become the largest producer of electrical energy, despite the current problems in production, and these problems must be resolved, technology applied, and the transition from exporting oil to exporting electricity.
Allawi also called for the development of green cover, as Iraq suffers from problems in the environment sector, desertification and weak agricultural production.
Regarding crude oil prices, which recently witnessed a significant increase, especially after the outbreak of the Russian war on Ukraine, OPEC Secretary-General Muhammad Barkindo said during the same conference that the common goal between OPEC and its partners in the oil market is market stability, not lowering or raising prices.
With the advent of the summer, in which the temperature in some Iraqi regions exceeds 50 degrees Celsius, the Ministry of Electricity has reduced the national supply of energy in most provinces since the end of last month.
After the popular anger reported by the media and social networking sites about bad energy, the Iraqi Ministry of Electricity issued an official statement early this month in which it indicated that the reason for reducing electrical supply is due to Iran reducing the amount of gas exported to Iraq as a result of Baghdad's inability to pay the financial dues.