Iraq is set to increase crude oil exports by 250,000 barrels daily by saving this amount from local consumption through solar power projects. Switching to renewable energy will allow for more crude exports and boost revenues, according to an advisor at the Iraqi oil ministry.

Solar power currently provides less than 1% of Iraq’s electricity, with most generated from natural gas. The U.S. recently canceled a sanctions waiver for Iraq to buy electricity from Iran. Plans are underway to build a 1-GW solar power installation, with a goal to reach 12 GW of solar power capacity by the end of the decade.

Iraq aims to raise crude oil production to 5.5 million barrels daily by year-end, with plans to reach 7 million barrels daily by 2030. The country is looking to capitalize on its massive oil reserves, making efforts to increase production sooner rather than later.

Read more at Yahoo Finance: Solar Could Help Iraq Boost Oil Exports by 250,000 Bpd