Iraq oil export trends shifted in May as China and India remained key buyers, despite ongoing production adjustments. Customs data from both countries revealed different import patterns, reflecting Iraq’s evolving oil strategy.
China imported 1.11 million barrels of Iraqi oil daily in May. This marked an increase of 22,000 barrels per day compared to May last year. The rise confirms China’s continued interest in Iraq’s crude supplies.
Meanwhile, India reduced its intake. Imports dropped by 28,000 barrels per day compared to last May. India received only 931,000 barrels per day this year, down from 959,000 last year.
Despite these country-specific shifts, overall Iraq oil export trends show a downward movement. Iraq shipped 3.27 million barrels per day by sea in May. This is slightly lower than April’s figure of 3.30 million barrels per day.
Iraq continues to prioritize seaborne oil exports. Most crude leaves through ports, with consistent volumes shipped to Jordan. Jordan receives around 400,000 to 450,000 barrels per day, based on the existing bilateral agreement. This includes a fixed allocation of 15,000 barrels daily.
Looking ahead, Iraqi oil exports are likely to fall further in June. Government officials predict levels will remain below 3.2 million barrels per day. This adjustment aligns with Iraq’s OPEC+ production limits.
OPEC+ countries, including Iraq, resumed voluntary output cuts in 2024. As a result, Iraq must reduce its oil output to meet quota requirements. These efforts aim to stabilize global oil prices and control supply.
From January through May this year, Iraq’s crude exports averaged 3.33 million barrels daily. During the same period in 2024, the average stood higher at 3.45 million barrels daily.
Total seaborne oil exports also dropped compared to last year. Iraq exported 3.66 million barrels per day by sea in May. In May 2024, that number reached 3.87 million barrels daily.
These figures underline a broader strategy. Iraq oil export trends show the country adjusting to shifting market conditions and global supply limits. Although exports remain strong, the decline highlights Iraq’s role in meeting OPEC+ commitments.
At the same time, Iraq maintains vital trade relations with Asia. The data from China and India confirms that both nations remain critical partners in Iraq’s energy export strategy.