Iraq oil exports to Asia surpassed $71 billion in 2024, highlighting Asia’s dominant role in Iraq’s energy trade. The Central Bank of Iraq confirmed that China, India, and South Korea purchased Iraqi oil worth $71.91 billion. This figure marked an increase from $67.14 billion in 2023, reflecting rising demand.
Western Europe ranked second in purchases, reaching $15.57 billion. Meanwhile, Arab countries followed with $6.48 billion. However, Asian markets clearly dominated Iraq’s export portfolio. Significantly, China and India emerged as the largest importers of Iraqi crude oil, strengthening their energy partnerships with Baghdad.
According to official figures, Iraq’s total oil exports reached 1.23 billion barrels in 2024. The State Organization for Marketing of Oil reported that daily exports averaged 3.31 million barrels. Monthly shipments reached 102.87 million barrels. These figures emphasize Iraq’s consistent role as a reliable oil supplier.
Furthermore, SOMO highlighted that China and India topped the list of buyers, followed by companies in the United States. Around 70 percent of Iraq’s crude shipments left through Gulf ports, heading primarily to Asia. The remainder went to Europe and the United States.
The US Institute for Energy Research reported that China and India together accounted for 60 percent of Iraq’s oil exports in 2024. Iraq exported 1.19 million barrels per day to China and 979,000 barrels per day to India. These numbers reflect Asia’s central role in Iraq’s energy strategy.
Additionally, Iraq’s average seaborne exports rose from 3.55 million barrels per day in 2023 to 3.64 million barrels per day in 2024. At the same time, crude oil production averaged 4.19 million barrels per day, slightly down from 4.28 million in 2023.
Ultimately, Iraq oil exports to Asia remain the backbone of its economy. With growing demand from China and India, Iraq strengthens its trade ties and secures vital revenue. Therefore, continued growth in Asia ensures Iraq’s energy sector remains stable, resilient, and globally significant.
