Iraq’s exports of crude oil surpassed 1.2 billion barrels in 2023
An aerial view of an oil refinery on the outskirts of the Iraqi central city of Karbala on the day of its inauguration in October 2022. Photo: AFP
Baghdad (IraqiNews.com) – The Iraqi Ministry of Oil announced on Tuesday that the country’s oil exports in 2023 surpassed 1.2 billion barrels, noting that China and India were the largest buyers of Iraqi oil.
According to official figures, crude oil exports in 2023 were more than 1.23 billion barrels, with a monthly export rate of 102.68 million barrels and a daily rate of 3.42 million barrels, according to Shafaq News.
Iraq’s oil exports in 2023 rose by 5.36 percent compared to the country’s oil exports in 2022.
The statistics revealed that the annual revenues generated from crude oil sales in 2023 were more than $87.61 billion, with a monthly rate of $7.3 billion.
The annual revenues generated in 2023 declined by 31.79 percent compared to $115.46 billion earned in 2022.
The State Organization for Marketing of Oil (SOMO) indicated that Indian and Chinese oil companies are the largest buyers of Iraqi oil, followed by US companies.
Iraq exports approximately 70 percent of its crude oil to Asia, especially India and China, through Gulf ports, while the rest is exported through the Turkish port of Ceyhan to Europe and America.