Iraq’s Oil Derivatives Imports Show Decline in Q4 2024
The Sumo Oil Marketing Company has reported a significant update regarding Iraq’s oil derivatives imports for the fourth quarter of 2024. During this period, the country imported a total of 591,713 tons of gasoline from October to December 2024.
This figure represents a decrease from the previous quarter, where gasoline imports amounted to 633,259 tons in Q3 2024. The Sumo Oil Marketing Company also highlighted that Iraq did not import any kerosene or gas oil in the fourth quarter, indicating a noteworthy shift in the country’s oil product import strategy.
As the second-largest oil exporter within the Organization of the Petroleum Exporting Countries (OPEC), Iraq still relies on imports to meet its domestic demand, primarily due to a limited number of operational refineries. The most recent significant refinery completed in Iraq is the Karbala refinery, which has a production capacity of 140,000 barrels per day. In contrast, many of the existing large-scale refineries date back to the 1980s. The Baiji refinery, which once had a capacity of 300,000 barrels per day, suffered extensive damage during the conflicts with ISIS. Additionally, there is another older refinery from the 1960s, also with a production capacity of 140,000 barrels per day.
This combination of declining imports and the challenges faced by Iraq’s refining infrastructure underscores the complexities of the country’s oil industry landscape, highlighting both its export prowess and ongoing import needs for various oil derivatives.
