14 Feb 2025 Issue: 68 / 7 By: Yesar Al-Maleki
Iraqi oil exports held steady last year with revenues down 4% amid lower oil prices. Somo sent record volumes to Asia as Red Sea disruptions saw West of Suez flows dip.
Iraqi crude oil export revenues dropped by a modest 4% to around $94bn last year according to MEES calculations, as oil prices dipped despite another year of heightened geopolitical volatility (see chart 1). Red Sea disruptions saw more Iraqi barrels pushed into Asia, where they faced strong competition from sanctioned Iranian and Russian crudes in the key Chinese and Indian markets.
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IN THIS ARTICLE
Charts
1: Iraq’s Crude Oil Revenues Fell Slightly Last Year ($Bn)
2: Iraq Crude Exports (‘000 B/D): Shipments To Asia Surged For 2024 Despite Increased Competition From Cut-Price Sanctioned Russian And Iranian Supplies (‘000 b/d)
REFERENCED MEES ARTICLES
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