CommoditiesData

Iraqi Oil Exports Hit Four-Month Low as December Sees 9.7% Decline

Iraqi Oil Export Trends: December 2024 Insights

In December 2024, Iraqi oil exports delivered via maritime routes experienced a notable decline for the fourth consecutive month, as indicated by data from the loading operations at Iraqi Gulf stations.

The total export volume reached 3.15 million barrels per day in December, reflecting a 9.7% decrease compared to August 2024. The primary buyers of Iraqi crude have traditionally been China and India.

Throughout the latter half of 2024, China’s imports of Iraqi crude saw a gradual increase; however, the figures exhibited considerable volatility. The lowest import level was recorded in February at 865 thousand barrels per day, while August experienced a peak at 1.36 million barrels per day.

In the same year, Iraq positioned itself as the fourth largest supplier of crude oil to China, trailing behind Russia, Saudi Arabia, and Malaysia. Notably, Malaysian crude was predominantly sourced from Iranian supplies, according to market evaluations.

India, serving as the second-largest destination for Iraqi exports, is anticipated to seek diversification in its crude oil sources, especially given its heavy reliance on imports from Russia.

Throughout 2024, Iraqi exports to India remained consistently stable month-on-month, demonstrating a nearly equal distribution of Iraqi medium and heavy crude grades.

Shares:
Leave a Reply

Your email address will not be published. Required fields are marked *