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Al Ghais: World Oil Outlook to be Launched in Riyadh for its Pioneering Role in Market Stability

A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/File Photo
A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/File Photo
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Al Ghais: World Oil Outlook to be Launched in Riyadh for its Pioneering Role in Market Stability

A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/File Photo
A 3D-printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/File Photo

The Organization of the Petroleum Exporting Countries (OPEC) will launch the 17th edition of its World Oil Outlook (WOO) on Monday in Riyadh at King Abdullah Petroleum Studies and Research Center (KAPSARC).

Prince Abdul Aziz Bin Salman, Saudi Arabia’s Minister of Energy, will participate as a special guest of honor.

OPEC Secretary General Haitham Al Ghais will deliver the opening remarks, followed by a video outlining the publication’s key messages.

“The World Oil Outlook demonstrates OPEC’s long-standing commitment to market stability through knowledge sharing and data transparency. The quality of the publication serves as a testament to the excellence of those involved in its production, including Member Countries’ officials and experts, and OPEC Secretariat specialists. We are confident that this year’s edition continues to contribute to a better understanding of the global oil and energy markets and industry developments,” Al Ghais said.

“It is appropriate that this edition is launched in Riyadh in view of the leadership role Saudi Arabia has played to help bring stability and balance to global oil markets”, the Secretary-General added.

First published in 2007, the WOO is one of the Organization’s flagship publications. It provides an in-depth review and analysis of the global oil and energy industries and offers assessments of various scenarios in the medium- and long-term development of the oil sector.

The WOO also presents insights into related key issues, including supply and demand, investment, the potential impact of policies and sustainable development, and a detailed analysis of the challenges and opportunities facing the global oil and energy industries.

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BP Nears Deals for Oil Fields, Curbs on Gas Flaring in Iraq

British Prime Minster Keir Starmer (L) welcomes Prime Minister of Iraq Mohammed Shia al-Sudani to 10 Downing Street in London, Britain, 14 January 2025. (EPA)
British Prime Minster Keir Starmer (L) welcomes Prime Minister of Iraq Mohammed Shia al-Sudani to 10 Downing Street in London, Britain, 14 January 2025. (EPA)
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BP Nears Deals for Oil Fields, Curbs on Gas Flaring in Iraq

British Prime Minster Keir Starmer (L) welcomes Prime Minister of Iraq Mohammed Shia al-Sudani to 10 Downing Street in London, Britain, 14 January 2025. (EPA)
British Prime Minster Keir Starmer (L) welcomes Prime Minister of Iraq Mohammed Shia al-Sudani to 10 Downing Street in London, Britain, 14 January 2025. (EPA)

Iraq and British oil giant BP are set to finalize a deal by early February to develop four oil fields in Kirkuk and curb gas flaring, Iraqi authorities announced Wednesday.

The mega-project in northern Iraq will include plans to recover flared gas to boost the country's electricity production, they said.

Gas flaring refers to the polluting practice of burning off excess gas during oil drilling. It is cheaper than capturing the associated gas.

The Iraqi government and BP signed a new memorandum of understanding in London late Tuesday, as Prime Minister Mohammed Shia al-Sudani and other senior ministers visit Britain to seal various trade and investment deals.

"The objective is to enhance production and achieve optimal targeted rates of oil and gas output," Sudani's office said in a statement.

Iraq's Oil Minister Hayan Abdel Ghani told AFP after the new accord was signed that the project would increase the four oil fields' production to up to 500,000 barrels per day from about 350,000 bpd.

"The agreement commits both parties to sign a contract in the first week of February," he said.

Ghani noted the project will also target gas flaring.

Iraq has the third highest global rate of gas flaring, after Russia and Iran, having flared about 18 billion cubic meters of gas in 2023, according to the World Bank.

The Iraqi government has made eliminating the practice one of its priorities, with plans to curb 80 percent of flared gas by 2026 and to eliminate releases by 2028.

"It's not just a question of investing and increasing oil production... but also gas exploitation. We can no longer tolerate gas flaring, whatever the quantity," Ghani added.

"We need this gas, which Iraq currently imports from neighboring Iran. The government is making serious efforts to put an end to these imports."

Iraq is ultra-dependent on Iranian gas, which covers almost a third of Iraq's energy needs.

However, Teheran regularly cuts off its supply, exacerbating the power shortages that punctuate the daily lives of 45 million Iraqis.

BP is one of the biggest foreign players in Iraq's oil sector, with a history of producing oil in the country dating back to the 1920s when it was still under British mandate.

According to the World Bank, Iraq has 145 billion barrels of proven oil reserves -- among the largest in the world -- amounting to 96 years' worth of production at the current rate.