Iraq’s oil exports exceed 1.2 billion barrels in 2024, India and China top buyers

2025-01-23T16:33:09+00:00

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Shafaq News/ Iraq’s Ministry of Oil announced on Thursday
that the country exported over 1.2 billion barrels of oil in 2024, with the
largest buyers being China and India.

According to official statistics from the ministry’s State
Oil Marketing Organization (SOMO) Iraq’s total oil exports for 2024 amounted to
1,234,294,152 barrels, a slight increase compared to the 2023 total of
1,232,170,126 barrels. The monthly average export volume stood at 102,875,846
barrels, equating to a daily average of 3,313,575 barrels.

SOMO also revealed that China and India topped the list of
buyers, followed by American companies.

Iraq exports approximately 70% of its crude oil to Asia
through Gulf ports, while the remainder is transported to Europe and the United
States via the Turkish port of Ceyhan.

The Ceyhan pipeline—a key route for transporting Iraqi crude
to Europe—has faced occasional disruptions in recent years due to political and
technical issues. However, Iraq has managed to maintain steady exports,
ensuring its oil reaches diverse markets.

Iraq depends on crude oil exports for over 90% of its
government income, and the country’s ability to maintain high export volumes
has been vital in offsetting challenges posed by global oil market fluctuations
in 2024, particularly with rising energydemandinAsia.

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