Iraq’s Crude Oil Exports to South Korea: A Significant Milestone
The Korean National Oil Company has reported the import of approximately 97 million barrels of Iraqi crude oil during the calendar year 2024. This announcement underscores Iraq’s pivotal role in the global oil market and reflects the ongoing demand for its resources.
In a data schedule released by the company, it was indicated that Saudi Arabia led the charge in oil exports to South Korea for the past year, delivering an impressive 343.285 million barrels. The United States followed in second place with exports totaling 168.432 million barrels, while the United Arab Emirates secured the third position with 140.641 million barrels.
Iraq ranked fourth among oil exporters to South Korea, contributing 96.705 million barrels. This figure represents a notable increase of 6.8% from the previous year’s exports, which stood at 57.055 million barrels. This growth in exports highlights Iraq’s commitment to enhancing its oil production capacity and strengthening trade relationships in the region.
Export Data Overview
Rank | Country | Barrels (Million) |
---|---|---|
1 | Saudi Arabia | 343.285 |
2 | United States | 168.432 |
3 | United Arab Emirates | 140.641 |
4 | Iraq | 96.705 |
This increase in crude oil exports from Iraq is a promising sign of its economic resilience and the potential for future growth in the oil sector. As the global demand for energy continues to evolve, Iraq is positioning itself to play a crucial role in meeting that demand, particularly in Asian markets.