Iraq’s oil exports exceed 1.2 billion barrels in 2024, India and China top buyers
Shafaq News/ Iraq's Ministry of Oil announced on Thursdaythat the country exported over 1.2 billion barrels of oil in 2024, with thelargest buyers being China and India.
According to official statistics from the ministry’s StateOil Marketing Organization (SOMO) Iraq’s total oil exports for 2024 amounted to1,234,294,152 barrels, a slight increase compared to the 2023 total of1,232,170,126 barrels. The monthly average export volume stood at 102,875,846barrels, equating to a daily average of 3,313,575 barrels.
SOMO also revealed that China and India topped the list ofbuyers, followed by American companies.
Iraq exports approximately 70% of its crude oil to Asiathrough Gulf ports, while the remainder is transported to Europe and the UnitedStates via the Turkish port of Ceyhan.
The Ceyhan pipeline—a key route for transporting Iraqi crudeto Europe—has faced occasional disruptions in recent years due to political andtechnical 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 itsgovernment income, and the country's ability to maintain high export volumeshas been vital in offsetting challenges posed by global oil market fluctuationsin 2024, particularly with rising energydemandinAsia.
