18 June 2013 15:54 [Source: ICIS news]
LONDON (ICIS)--Iraqi oil will be crucial for global economic recovery and energy security over the next few decades, Mark Simmonds, UK MP and undersecretary of state for foreign and Commonwealth affairs said on Tuesday.
Speaking at the Iraq Petroleum 2013 conference, Simmonds said much of the new oil production in the world was expected to come from Iraq, and the country was crucial in avoiding fuel poverty in both the developing and the developed world.
Iraq holds the fifth-largest proven oil reserves in the world, but its crude oil production was limited to a mere 3m bbl/day in 2012, according to the analysts the Energy Information Administration.
The country's proven oil reserves are estimated at 141bn bbl/day as of 1 January 2013, according to trade publication Oil and Gas Journal.
The success of Iraq in realising its energy ambitions will be key for global economic development, Simmonds said.
"Diversification of export routes are necessary to ensure Iraqi exports. We should support the Iraqi government in these ventures," the UK MP said.
British business is at the forefront of providing technological know-how that would help bring Iraq's crude oil into the international markets, Simmonds said.
Around 300 delegates are attending the oil conference, which opened in London on Tuesday and is being held at the Intercontinental Hotel.
Senior figures in Iraq's national government and the international energy markets are also in attendance.
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