Iraq unveils updated oil and gas reserves
Baghdad eyes expanded role in global energy security with 145 billion barrels of oil, 132 trillion cubic feet of gas reserves
BAGHDAD, Iraq (MNTV) — Iraq has officially disclosed updated figures for its oil and gas reserves, positioning itself as a key global energy supplier and seeking to attract major international investment in its hydrocarbon sector.
Speaking at the 9th OPEC International Seminar in Vienna, Iraqi Oil Minister Hayan Abdul-Ghani announced that Iraq’s proven reserves have now surpassed 145 billion barrels of crude oil and 132 trillion cubic feet of natural gas.
The announcement comes amid Baghdad’s efforts to assert a greater role in stabilizing global energy markets and unlocking the country’s untapped resource potential.
“These reserves represent a significant strategic asset for Iraq and the world,” Abdul-Ghani said. “They offer a clear opportunity for Iraq to contribute to global energy security and meet the increasing demand from rapidly growing economies.”
The minister emphasized that ensuring future energy security will require strong, long-term commitments from governments to support energy infrastructure—both conventional and renewable.
He stressed that fossil fuels remain a vital component of the global energy mix, particularly for developing nations seeking to boost sectors like healthcare, education, and essential services.
Abdul-Ghani pointed to an ongoing mismatch between investment levels in oil and gas and projected demand growth, driven by global population increases and industrial expansion.
He warned that underinvestment in hydrocarbons could lead to supply instability and economic disruption, particularly in emerging economies.
“To bridge this gap, we need innovative financing tools and mechanisms that reduce investor risk and stimulate cross-border cooperation,” he said.
As part of his proposals, the Iraqi minister called for the establishment of shared sovereign investment funds, international risk-guarantee schemes, and comprehensive tax incentives to draw private sector engagement in both traditional and clean energy sectors.
The Vienna seminar brought together energy ministers, international oil companies, and key stakeholders from around the world to discuss future energy scenarios and investment frameworks.
Iraq, OPEC’s second-largest producer, has repeatedly affirmed its dual-track strategy of maximizing hydrocarbon production while supporting clean energy innovation.
Abdul-Ghani concluded by reaffirming Iraq’s readiness to partner with global firms and institutions to accelerate energy development and contribute to long-term global energy stability.
Have Your Say!
Have you been affected by the issues raised in this story? Please share your experiences by emailing haveyoursay@soundvision.com.
Please include a contact number if you are willing to speak to a Muslim Network TV’s representative. You can also get in touch in the following ways:
Tweet: @MuslimNetworkTV
We must take charge of our narrative. Research indicates that 92% of their Muslim coverage is negative. Help us change that.
