Iraq exports over 65M barrels of oil to South Korea in 2024

Shafaq News/ On Thursday, the Korea National Oil Corporation (KNOC) announced that it imported over 65 million barrels of Iraqi crude oil during the first eight months of 2024.

The KNOC reported, "Saudi Arabia ranked first in oil exports to South Korea from January to August, totaling 224.708 million barrels, followed by the United States with 120.889 million barrels and the UAE with 94.157 million barrels."

Iraq ranked fourth, exporting 65.107 million barrels to South Korea in eight months, a 12% increase from 58.137 million barrels during the same period in 2023.

"Kuwait ranked fifth with 62.696 million barrels, and Qatar sixth with 41.775 million barrels," the KNOC added.

Notably, Iraq, OPEC's second-largest producer, relies on oil exports for more than 92% of its state budget, exporting 60% of its crude oil to Asia, 25% to Europe, and 15% to the US.