Iraq’s State Organization for Marketing of Oil (SOMO) announced that the country exported more than 4.4 million tons of oil derivatives in the fourth quarter of 2024.
According to a statement reported by Shafaq News, Iraq shipped 4,465,749 tons of oil derivatives between October and December 2024. This included 4,216,145 tons of fuel oil, a significant increase from the 2,796,606 tons exported during the same period in 2023.
Additionally, Iraq exported 54,967 tons of jet fuel and 194,637 tons of naphtha, a highly flammable hydrocarbon liquid.
Industry experts and ship-tracking data indicated that Iraq boosted its fuel oil exports last October as domestic demand fell and supply rose, positioning the country to set new export records in 2024.
While Iraq’s crude oil exports remained steady in 2024 due to production limits set by OPEC+, the increase in fuel exports has bolstered the country’s oil profits. Iraq is the second-largest producer in OPEC, according to Reuters.
The rise in fuel exports will help lower refinery costs and increase global supply, easing high prices in Asia.
Reuters also reported that Iraq’s fuel oil exports are expected to exceed 18 million metric tons (380,000 barrels per day) in 2024, setting a new record. This would surpass the 14 million tons exported in 2023, based on data from Kpler and the London Stock Exchange Group (LSEG).
October saw Iraq’s highest monthly fuel oil export ever, reaching 2.15 million metric tons.
India and Singapore were the main destinations for Iraq’s fuel oil shipments.
In mid-October, the Iraqi Ministry of Oil reported that Iraq exports 1,000 tons of jet fuel daily, with daily production hitting 2,500 tons.
This growth highlights Iraq’s expanding oil sector, strengthening its position in the global oil market.
The export of oil derivatives plays a key role in generating financial revenue for Iraq, which significantly supports the country’s economy.
Iraq’s oil refineries produce a variety of high-purity derivatives, including red diesel, white oil, jet fuel, sulfur, and asphalt.
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