SULAIMANI, Kurdistan Region — Iraq’s crude oil exports for July reached a staggering 108,053,356 barrels, as reported by the Iraqi Oil Ministry. This marks a significant achievement, reflecting an increase of nearly 8 million barrels compared to June’s exports. The data was released by the State Organization for Marketing Oil (SOMO) on Thursday.
The Oil Ministry’s report detailed that 106,125,200 barrels were exported from central and southern Iraq in July. An additional 1,928,156 barrels were contributed by the Qayyarah oil field in southern Nineveh province.
July’s exports saw a daily average of approximately 3,484,563 barrels, which is 149,495 barrels more per day compared to June’s daily average of 3,335,068 barrels. This increase underscores Iraq’s growing capacity and consistent performance in the global oil market.
In early August, Iraqi Oil Minister Hayan Abdul-Ghani announced that the country’s crude oil exports exceeded 600 million barrels in the first half of 2024, highlighting Iraq’s substantial role in the global oil industry.
In a related development on Thursday, Iraqi Prime Minister Mohammed Shia al-Sudani and Oil Minister Hayan Abdul-Ghani met with Haitham Al-Ghais, the Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC).
During the meeting, Iraq reaffirmed its commitment to OPEC’s policies and strategies, emphasizing its position as a major oil exporter. The discussions underscored Iraq’s adherence to production guidelines within the OPEC+ framework, aimed at maintaining the stability and sustainability of global oil prices.
Iraq remains a key player in the international oil market, exporting approximately 65% of its crude oil to Asia, particularly China and India, 20% to Europe, and 15% to the United States. As OPEC’s second-largest producer, oil exports are critical to Iraq’s economy, accounting for over 92% of the state budget.
