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Iraq’s 2024 Oil Exports to South Korea Reach 97 Million Barrels

The Korean National Oil Company has reported the import of approximately 97 million barrels of Iraqi crude oil during the 2024 fiscal year.

According to a detailed schedule released by the company, Saudi Arabia led the way in oil exports to South Korea last year, supplying a total of 343.285 million barrels. The United States ranked second with 168.432 million barrels, while the United Arab Emirates came in third with exports totaling 140.641 million barrels.

Iraq, as the fourth-largest exporter, recorded oil shipments to South Korea amounting to 96.705 million barrels, representing a 6.8% increase from the previous year’s total of 90.514 million barrels. Kuwait followed in fifth place with exports of 57.055 million barrels.

Rank Country Barrels (in millions)
1 Saudi Arabia 343.285
2 United States 168.432
3 United Arab Emirates 140.641
4 Iraq 96.705
5 Kuwait 57.055

These figures illustrate the competitive landscape of oil exports to South Korea, highlighting Iraq’s growing presence in the market despite being surpassed by other nations in overall volume. The shifts in export volumes can have significant implications for the global oil market and bilateral trading relationships.

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