BAGHDAD: Iraq’s new oil minister Thamer Ghadhban said on Wednesday the current price of crude was “fair,” and that OPEC’s second-largest producer would be responsible in providing ample oil supplies to the market.
Ghadhban also said the oil ministry aimed to increase output capacity and will support foreign energy companies by helping them overcome any bureaucratic hurdles.
“We will do our best to stabilize the market,” Ghadhban told reporters after officially taking over the oil portfolio from Jabar Al-Luaibi.
“The oil price at the moment is at a fair price,” he said in response to a question about an upcoming OPEC meeting in December.
“It’s not too high, it’s not 100 dollars per barrel and it’s not 30 dollars.
“We will look after our country as a first priority but will not put aside the interests of the consumers.”
Oil prices rose on Wednesday, with benchmark Brent crude up 35 cents at $76.26 a barrel by 1115 GMT. The contract fell 1.8 percent on Tuesday, at one point touching its lowest since Aug. 24 at $75.09. US light crude was 25 cents up at $66.43. It hit a two-month low of $65.33 a barrel on Tuesday.
Ghadhban, who was nominated by Prime Minister Adel Abdul Mahdi and confirmed as minister in a parliamentary vote last week, said he would look at ways to reform the oil ministry, including by eliminating nepotism.
The new minister replaced Jabar Al-Luaibi, who had held the oil portfolio since 2016 in the government of former Prime Minister Haider Al-Abadi.
At a ceremony officially transferring the oil portfolio to Ghadhban, the new minister said he would seek to develop oil refineries by increasing their production capacity and reducing gas flaring.
Iraq has continued to flare some of the gas extracted alongside oil at its fields because it lacks the facilities to process it into fuel. Iraq has said it hopes to end gas flaring by 2021.
Iraq is OPEC’s second-largest producer after Saudi Arabia and pumps around 4.6 million bpd. The majority of its crude exports go to Asia.
The bulk of Iraq’s oil is exported via its southern terminals, which account for more than 95 percent of the OPEC producer’s state revenue.
Iraq’s southern oil exports averaged 3.488 million barrels per day (bpd) in October, two oil executives told Reuters on Wednesday.
Exports were down from the September average of 3.560 million bpd owing to bad weather, which slowed shipments on some days, the executives said.
Iraq is seeking to increase crude production capacity to 7 million bpd by 2022 from 5 million bpd now.
Ghadhban said Iraq also planned to increase exploration, especially in its western desert and along border areas.
Iraq oil minister says crude price ‘fair,’ aims to hike output capacity
Iraq oil minister says crude price ‘fair,’ aims to hike output capacity
- ‘We will do our best to stabilize the market’
- ‘We will look after our country as a first priority but will not put aside the interests of the consumers’
Using space science to protect Saudi Arabia’s environment
- Kingdom is harnessing satellite technology to forecast disasters, boost agriculture
RIYADH: Learning space science has delivered significant environmental benefits worldwide, helping many countries better understand and manage climate challenges.
Saudi Arabia is now taking steps not only to explore the galaxy but also to invest in future generations who can apply space science to pressing environmental issues at home.
Last November, the Space Academy, part of the Saudi Space Agency, launched a series of seminars designed to enhance knowledge and develop skills in space science and technology, with a particular focus on Earth observation.
Running for nearly a month, the program formed part of a broader strategy to nurture national talent, raise scientific awareness, and build data capabilities that support innovation and research across the Kingdom.
As efforts to strengthen the sector continue, important questions remain: How can space science translate into tangible environmental benefits? And how large is the global space economy?
In an interview with Arab News, Fahad Alhussain, co-founder of SeedFord, highlighted the scale of the opportunity and its environmental impact.
“To be frank, the slogan that we always use in space is that ‘saving the Earth from the space.’ It is all about this,” Alhusain told Arab News.
“You can recall a lot of related environmental issues like global warming, related to forests, related to the damage that happens to the environment. Without space, it would be almost impossible to see the magnitude of these damages.”
According to Alhussain, satellites have transformed how experts observe environmental changes on Earth, offering a comprehensive view that was previously impossible.
He said that “the transformation of technology allows even the non-optical ways of measuring, assessing, and discovering what is going on in the environment … you can even anticipate fire before it happens in the forest.”
“You can detect the ice-melt down, you can get huge amount of information and can see it through the weather maps…there is a huge section in the economy for the environment,” Alhussain commented.
A 2022 report by Ryan Brukardt, a senior partner at McKinsey & Company, published by McKinsey Quarterly, found that more than 160 satellites currently monitor Earth to assess the impacts of global warming and detect activities such as illegal logging.
Brukardt cited NASA as an example of how advanced satellite tools are used to track environmental changes, including shifts in ocean conditions, cloud cover, and precipitation patterns. He also noted that satellite data can help governments determine when immediate action is needed, particularly in response to wildfires.
FASTFACT
Did You Know?
- Satellites collect massive amounts of data, and AI is used to help interpret this information more efficiently and predict future outcomes.
- The global space economy surpassed $600 billion in 2024 and is projected to exceed $1 trillion by 2030.
- Saudi Arabia has established three key entities: the Supreme Space Council, the Saudi Space Agency, and the Communications, Space, and Technology Commission.
Beyond disaster response, satellites offer vital insights for agriculture. According to Brukardt’s report, scientists can use space-based data to monitor crop development and anticipate threats to harvests, such as drought or insect infestations.
These wide-ranging applications explain the rapid growth of the global space economy.
According to World Economic Forum research, the sector is projected to reach $1.8 trillion by 2035, nearly tripling from $630 billion in 2023.
For Saudi Arabia, expanding space science capabilities could help address the country’s arid conditions by monitoring desertification and identifying sources of air pollution. Early detection of droughts, heatwaves, and crop stress could support more effective environmental planning and response.
Space-based data could also play a critical role in tracking environmental changes in the Red Sea and surrounding coastal ecosystems, strengthening marine conservation efforts and supporting the Sustainable Development Agenda.
As Alhussain emphasized, advancing knowledge in space science and satellite technology enables experts to measure environmental damage accurately and predict disasters before they occur, allowing for more effective responses.
By investing in space science education and research, the Kingdom can build national expertise, strengthen environmental protection policies, enhance food and water security, and contribute to global efforts to combat climate change—while also benefiting from the rapidly expanding space economy.
Ultimately, a deeper understanding of space and its applications offers Saudi Arabia, and the world, better tools to anticipate climate challenges, protect ecosystems, and safeguard biodiversity.
“By collecting data and using satellites, you can better analyze and measure so many things that help the environment,” said Alhussain.
“There will be patterns where you can warn people, scientists and decision makers to do something about it.”
