Iraq is grappling with a natural gas shortage while simultaneously exploring new crude oil export markets.
In recent weeks, Iraq has made headlines not only due to pressure from OPEC but also because of its struggle to secure natural gas imports. Iraqi Oil Minister Hayyan Abdul Ghani stated on Iraqi television that negotiations are ongoing with several companies to secure two floating storage regasification units (FSRUs) by early June. These are needed to address a natural gas supply deficit caused by the expiration of a U.S. waiver that previously allowed Iraq to import Iranian electricity. The Trump administration is now pressuring Tehran to reach a nuclear deal, with all options on the table. The two FSRUs are set to be installed near the Khor Al-Zubair port in Basra. Simultaneously, Baghdad has issued a tender for a fixed regasification platform at the Grand Faw port in the south.