A senior Iraqi official said on Tuesday that the country is willing to secure oil supply to developing countries, including to Indonesia, local media reported.
Speaking in a lecturing session entitled "Iraq's Contribution to the World Facing Global Challenges and Crisis" held in the premises of state-run oil and gas producer, Pertamina, the visiting Iraqi Deputy Prime Minister Hussain Ibrahim Saleh Al- Shahristani said that Iraq could do a lot regarding the ongoing price volatility in world's oil market.
"Besides preventing volatility in price of global oil market, Iraq is able to fulfill the demands for crude oil in global market following the increasing demands from developing countries, including from Indonesia," Al-Shahristani said.
He said that Iraq possess 11 percent of the world's oil deposits (143 billion barrels), and gas deposit of 3.5 trillion cubic meters.
He added that the war-torn country is now facing problems due to embargoes, insufficient investments, lack of workers in oil refineries and ageing infrastructure in oil production sector.
The Iraqi senior official said that Iraq now greatly needs massive investments in the sector. Iraq has invited Indonesian companies to take part in Iraq's oil production.
With such an enormous oil and gas deposit, Iraq would be able to cover the global needs on oil estimated to reach 110 million barrels per day until 2035, or 20 million barrels higher than it is now, Al Shahristani was quoted by the Antara news service as saying.
"80 percent of that amount will come from the developing countries in Asia. Countries joining in Organization of Petroleum Exporter Countries (OPEC) would only be able to provide 40 to 45 percent to fulfill the global needs," he said, adding that Iraq is a member of OPEC.