Iraq is considering expanding its oil exports to Africa, according to Minister of Oil Hayan Abdul-Ghani. The government is currently assessing the feasibility of entering African markets.
Abdul-Ghani told the Iraqi News Agency (INA) that Iraq is exploring new opportunities to diversify its export destinations. Iraq recently signed 44 oil contracts across 14 provinces, with the Basra Oil Company (BOC) holding the majority of the deals.
Currently, 70% of Iraq’s daily oil exports, which range between 3.2 million and 3.5 million barrels, go to Asia, with India being its second-largest customer after China.
The Iraqi government is also accelerating renewable energy projects, including a major solar power facility in partnership with France’s TotalEnergies. The facility aims to produce 1,000 megawatts of power.
Although the Oil Ministry does not oversee oil output in Kurdistan, Iraq estimates that the region exports 350,000 barrels per day through Turkey’s Ceyhan port. Abdul-Ghani also confirmed that Iraq has informed OPEC of Kurdistan’s current production level of 286,000 barrels per day.