Iraq, US discuss impact of regional tensions on energy prices

By Fayez Abdulsalam

ISTANBUL (AA) – Iraqi Foreign Minister Fuad Hussein held talks with US envoy Amos Hochstein in the capital Baghdad on Sunday to discuss regional tensions and their impact on oil prices.

The talks focused on regional conflicts and their effect on energy prices as well as investments in the Iraqi oil fields, the state news agency INA reported.

Hochstein said Washington is ready to enhance cooperation with Iraq, especially in oil and gas fields, the broadcaster said.

Iraq is estimated to have a stockpile of 132 trillion cubic feet of gas, 700 billion of which were burnt due to lack of exploitation.

Iraq seeks to place itself as a gas exporter by 2025.

Tension has escalated across the region amid Israel’s deadly offensive on the Gaza Strip, which has killed more than 32,200 people since last October.

The Gaza conflict has spilled over to Yemen, where the Houthi group has been attacking commercial ships in the Red Sea, one of the world's most frequently used sea routes for oil and fuel shipments.

* Writing by Ikram Kouachi