Iraq Poised for Historic Shift: Prime Minister Announces Imminent Oil Self-Sufficiency

Last Updated on March 4, 2024 1:20 pm

In a momentous declaration, Iraqi Prime Minister Mohammed Shia al-Sudani revealed that his nation is on the verge of achieving oil self-sufficiency within the next two months, signifying a groundbreaking shift in the country’s economic landscape. This proclamation was made during the Al-Rafidain Dialogue Forum 2024 in Baghdad, where the prime minister outlined the imminent end to oil imports.

“Within two months, we will officially announce oil self-sufficiency and halt imports, saving $3.2 billion,” affirmed al-Sudani, underlining the government’s steadfast commitment to economic reform as a top priority.

The prime minister emphasized that authentic economic reform necessitates substantial savings in oil derivatives, which historically have consumed billions of dollars. This fiscal milestone has been achieved through the reactivation of key refineries, notably the Karbala refinery and the Baiji refinery, which had lain dormant since 2014.

Iraq, a prolific producer with an output exceeding 4 million barrels of crude oil per day, has long relied on imports of approximately 25 million liters of gas oil, gasoline, natural gas, and white oil on a daily basis. The impending declaration of oil self-sufficiency is poised to bring about a transformative economic shift, with significant implications for the nation’s financial landscape.

Al-Sudani’s announcement underscores the government’s commitment to steering Iraq toward economic autonomy and reducing dependency on external sources. As the country gears up to officially terminate oil imports, it is anticipated that this move will not only bolster economic stability but also pave the way for strategic initiatives that prioritize sustainable development and resource management.

The impending shift towards oil self-sufficiency positions Iraq as a self-reliant player on the global economic stage, marking a crucial turning point in the nation’s economic trajectory. The successful revival of key refineries serves as a testament to the government’s proactive measures in achieving tangible economic reforms and fostering a more resilient and self-sufficient Iraq.

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