Iraq’s 2024 oil exports recede to 9-year low
OPEC-plus dynamics and the ongoing outage of Iraq's northern export pipeline continue to limit Iraqi oil exports, though revenues were steady year-on-year.
A worker stands at the al-Basra Oil Terminal (ABOT), one of Iraq's major export outlets, February 2010. (BEN LANDO/Iraq Oil Report)
Iraqi oil exports fell slightly in December — to 3.259 million barrels per day (bpd), according to Oil Ministry data — capping an OPEC-constrained year in which the country’s oil sales hit their lowest annual average since 2015.
Exports averaged 3.372 million bpd in 2024, bringing in an estimated $96.08 billion, according to an Iraq Oil Report analysis of Oil Ministry data and its pricing formulas. In 2023, countrywide exports averaged 3.466 million bpd, which was itself a steep reduction from 3.710 million bpd in 2022.
The two biggest factors in Iraq’s reduced oil sales have been OPEC-plus and the ongoing outage of the northern export pipeline.
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