Energy in Iraq

[2] Iraq holds abundant oil and gas resources and has strong solar PV potential.

The production companies will receive between $1 and $5.5 per barrel produced:[10][11] Iraq's electricity generation primarily depends on fossil fuels.

[13] As of 2023[update], the 30 gigawatts (GW) of installed capacity cannot meet summer peak demand.

[13] According to the United States Department of Energy officials, demand for electricity has been stimulated by a growing economy and a surge in consumer purchases of appliances and electronics.

Despite these substantial reserves, Iraq faces regulatory, investment, and infrastructure challenges, which have kept natural gas production largely unchanged since 2016.

[16] Iraq consumed significantly more natural gas than it produced in 2021, primarily for electric power generation.

This significant flaring rate underscores the need for improved infrastructure and regulations to better utilize gas for domestic energy and reduce environmental impacts.

The global oil and gas prices have been strongly influenced by political decisions and events.

According to Transparency International Bribe Payers Index 2008, the oil and gas industry in general is highly vulnerable to 1) bribery of public officials and 2) undue influence on the legislative process and government policies.