Iraq’s Oil Exports Surged in September

Iraq’s Oil Exports Surged in September

Iraq’s Ministry of Oil announced that the country’s crude oil exports reached a total of 103.143.199 million barrels in September, generating revenues of $9.422 billion.

In July 2023, the Iraqi Parliamentary Oil and Gas Committee revealed the government plans to increase oil production to over 5 million barrels per day (bpd).

Notably, Iraq’s crude oil exports in May was 3.3 million bpd generating $7.3 billion, with an average price per barrel of $71.30.

According to the final statistics issued by the State Organization for Marketing of Oil (SOMO), a total of 102.220.441 million barrels of oil were exported from the central and southern fields in Iraq. Additionally, 473.335 thousand barrels of oil were exported from the Qayyarah field. The report also highlights that 499.423 thousand barrels were exported to Jordan, with an average price per barrel valued at $91.353.

The exported quantities were loaded by 37 international companies of various nationalities from the ports of Basra, Khor Al-Zubair, single buoys, and the modern Kirkuk warehouse, utilizing basin trucks for transportation, as well as from the Qayyarah field.

Iraqi Prime Minister Mohammed Shia al-Sudani stressed earlier this week the necessity of completing expansion and maintenance projects for Iraqi oil ports.

During a meeting to follow up on projects and plans for developing the oil sector on Sunday, Sudani stressed the importance of completing gas projects and expanding investment in Iraqi fields producing natural gas, for the purpose of supplying power stations and national fertilizer-producing factories with their gas needs.

The Iraqi PM further underscored the necessity of completing the refinery projects as quickly as possible, in order to reach self-sufficiency in oil derivatives and fuel.

Iraq’s Oil Ministry announced last week the increase in production capacity at the Karbala refinery to 140,000 bpd.


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