Oil Minister: Iraq needs real solutions to address the problem of the mono economy

The Minister of Oil, Ihsan Abdul-Jabbar, confirmed today, Monday, that Iraq's economy depends on crude oil by 90%, while noting that the country needs real solutions to get out of the problem of the unilateral economy. 

Abdul-Jabbar said, in a speech during the Ministerial Forum on Future Energy prospects, which was attended by the correspondent of the Iraqi News Agency (INA), that "the forum is the establishment of a new state of discussion between the important sectors," noting that "Iraq is a large country that depends entirely on its financial revenues on Oil and all its commercial activities are driven by oil and gas.  

Abdul-Jabbar added, "There are many fluctuations in global markets, and Iraq has entered into great challenges at the level of energy transition and the oil and gas industry, and the presence of alternatives and competitors in this file," stressing that "Iraq needs to create such activities and intellectual and cultural meetings to exchange views and set challenges  at one table and its reflection in a more focused manner in the Council of Ministers through the presence of specialists for such forums and those with expertise and experience in this direction. 

He pointed out that "the goal is to spread a general culture in all sectors and emphasize the importance of integration in the energy industry," noting that "Iraq is a large country and its economy depends on about 90% of crude oil and is a large consumer of energy and needs real solutions to get out of the unilateral economy approved on oil resources".