Iraq’s oil exports to Italy reached over $2.6 billion in value, showing a growing energy partnership between the two nations. Official data revealed that Italy imported oil worth $2,680,247,000 from Iraq in 2024, marking a one percent increase since 2020.
The bulk of this trade included 4.31 million tons of crude oil, valued at $2.43 billion. Additionally, Iraq exported 435,532 tons of petroleum oils and oil derivatives to Italy. These refined products brought in another $242.5 million. Several major Italian energy firms, such as Eni and Saras, handle the import and distribution of Iraqi oil.
This growing energy partnership reflects Iraq’s efforts to strengthen ties with European markets. While most of Iraq’s oil flows to Asia, Europe remains a key part of Iraq’s export strategy. Italy’s steady demand shows the importance of diversified markets for Iraq’s energy economy.
Iraq’s Ministry of Oil reported that the country’s total oil exports for 2024 exceeded 1.2 billion barrels. In comparison, 2023 exports stood at 1.232 billion barrels. This slight increase signals consistent production and a stable market.
Iraq maintained an average daily export rate of 3.31 million barrels. Monthly exports reached around 102.87 million barrels, according to data from the State Organization for Marketing of Oil (SOMO). These figures confirm Iraq’s position as one of the world’s top oil exporters.
China and India remained Iraq’s largest customers, followed by the United States. Together, these countries received the majority of Iraq’s oil through Gulf ports. Roughly 70 percent of Iraqi crude went to Asian buyers. The remaining shipments were delivered to European and US markets.
Despite Asia’s dominance, Iraq continues to focus on expanding ties with Europe. The growing energy partnership with Italy highlights this broader strategy. By reinforcing trade with Europe, Iraq secures more stable demand for its vital energy sector.
Iraq’s oil exports to Italy demonstrate the value of international cooperation. This growing energy partnership supports economic growth and deepens global ties, positioning Iraq as a reliable energy supplier.
