Iraq's oil exports to Turkey surpass $1.5 billion in 2024
Baghdad (IraqiNews.com) – Data recently published revealed that the value of Iraq's oil exports to Turkey surpassed $1.5 billion in 2024.
With a total value of $1.64 billion, Iraq's oil exports to Turkey during 2024 reached 4.62 million tons, Shafaq News reported.
This quantity represents two percent of Iraq's total oil exports to foreign countries.
According to the statistics, Iraq's oil shipments to Turkey grew by 82 percent over the past four years.
The spokesperson for the Iraqi Ministry of Trade, Mohamed Hanoun, revealed last month that there is an Iraqi-Turkish desire to increase the volume of trade exchange, which has surpassed $14 billion, according to statistics released by the Turkish Ministry of Trade.
Given Turkey's position in the world economy, the volume of trade exchange between the two countries is steadily growing, according to Hanoun.
The Turkish Minister of Foreign Affairs, Hakan Fidan, confirmed in January that the volume of trade exchange between Iraq and Turkey reached $20 billion.
In a joint press conference with Iraqi Foreign Minister Fuad Hussein, Fidan said that Turkey sees its relationship with Iraq as crucial, indicating that Turkey will experience more security and stability the more Iraq does.
The Turkish Minister of Trade, Omer Bolat, said in early December that his country seeks to increase trade exchange with Iraq to $30 billion.
Bolat added that Turkish companies and investors have completed projects in Iraq worth $35 billion.
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But at the same time, the development of Europe, where Hungary is, the European Union, dramatically slowed down."[7] Péter Szijjártó, Hungary's Minister of Foreign Affairs and Trade told a press conference held after the summit that Hungary has benefited from increasing cooperation with Turkic states through joint partnerships in sectors such as railways, pharmaceutical, air connectivity, and natural gas. "The region represented by the Organization of Turkic States has become the world's third-largest source of oil and natural gas; so Hungary's good cooperation with these countries is of enormous importance in terms of energy supply," he added.[8] Szijjártó also disclosed plans to build nuclear power plants in Uzbekistan and Kazakhstan. 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