Iraq exports over 1.2 bn barrels of oil during 2023

Shafaq News / The Iraqi Ministry of Oil announced on Tuesday that the country's oil exports in 2023 reached over 1.2 billion barrels. It highlighted China and India as the leading buyers of Iraqi oil.

According to an official statistical report, "The total oil exports for 2023 amounted to 1,232,170,126 barrels, with a monthly export rate of 102,680,843 barrels and a daily average of 3,422,000 barrels. This indicates a 5.36% increase compared to last year's exports."

The report revealed, "The annual revenues generated from crude oil sales reached $87,612,295,178, averaging $7,301,024, monthly, marking a decrease of 31.79% from the previous year's revenues of $115,466,000,000."

Furthermore, the Iraqi State Organization for Marketing of Oil (SOMO) stated, "The monthly average selling price of crude oil in 2023 was $78.31 per barrel, a 3.09% increase from 2022's $75.97 per barrel."

It highlighted that Indian and Chinese oil companies were the primary purchasers of Iraqi oil, followed by American firms.

Approximately 70% of Iraq's crude oil exports are directed to Asia, specifically India and China, through Gulf ports. The remaining portion is shipped to Europe and America through the Turkish port of Ceyhan.