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Iraqi News
27-05-2025
- Business
- Iraqi News
Iraq's oil exports reach 100.9 million barrels in April
Baghdad ( – Iraq exported over 100.9 million barrels of oil in April 2025, compared to 106 million barrels in March 2025, according to data released by Iraq's State Organization for Marketing of Oil (SOMO). The total exports of crude oil reached 100,953,282 barrels, Shafaq News reported. Iraq exported a total of 99,752,879 barrels of crude oil from fields in the central and southern parts of the country in April. Iraq's oil exports to Jordan reached 299,819 barrels, and the quantities exported from the Qayyarah field in Nineveh province reached 900,584 barrels. Revenues generated from April's oil exports reached $6.73 billion. Iraqi oil exports saw minor variations in the first quarter of 2025, as the country adhered to prior production limitations set by OPEC+, particularly given the increase in export quantities during the first two months of the year. Iraqi oil shipments fell sharply toward the end of 2024, particularly in December and November, due to Baghdad's commitment to voluntary reduction under the OPEC+ agreement. Experts predict that Iraq's oil shipments will gradually increase in the coming months, with the OPEC+ group of eight members declaring the voluntary resumption of limited volumes beginning in April 2025.
Shafaq News
27-05-2025
- Business
- Shafaq News
Iraq's April oil revenues barely cover salaries and licensing fees, economist says
Shafaq News/ Iraqi oil revenues for April are only sufficient to cover public sector salaries and oil licensing company expenses, economic expert Nabil Al-Marsoumi said on Tuesday. Al-Marsoumi stated that 'a drop in Iraq's oil exports and a decline in global oil prices—from $72.5 per barrel in March to $66.7 in April—led to a 15% decrease in revenues, from $7.716 billion to $6.738 billion.' The Iraqi Ministry of Oil confirmed these figures in a statement released Monday, outlining its final export and revenue statistics for April, based on data from the State Organization for Marketing of Oil (SOMO). According to the ministry, Iraq exported a total of 100,953,282 barrels of crude oil in April, generating $6.738 billion in revenue. The majority of exports—99,752,879 barrels—came from fields in central and southern Iraq. Additionally, 900,584 barrels were exported from the Qayyarah field in Nineveh province, while 299,819 barrels were exported to Jordan.
Iraqi News
29-04-2025
- Business
- Iraqi News
Iraq's oil exports surpass 106 million barrels in March
Baghdad ( – Iraq exported over 106 million barrels of oil in March 2025, compared to 95 million barrels in February 2025, according to data released by the State Organization for Marketing of Oil (SOMO). The total exports of crude oil reached 106,663,211 barrels, Shafaq News reported. The total quantities of crude oil exported during March from the oil fields in central and southern Iraq reached 104,740,398 barrels. Iraq's oil exports to Jordan reached 309,765 barrels, and the quantities exported from the Qayyarah field reached 613,084 barrels. SOMO revealed earlier that Iraq exported over 103 million barrels of oil in January 2025, up from 101.02 million barrels in December 2024. According to official figures, the country's total oil exports in 2024 were 1.234 billion barrels, while the quantities exported in 2023 were 1.232 billion barrels. Iraq's daily export rate last year was 3.31 million barrels, while the monthly export rate was 102.87 million barrels, according to SOMO. SOMO also indicated that China and India were the biggest importers of Iraqi oil, followed by US companies.
Asharq Al-Awsat
28-03-2025
- Business
- Asharq Al-Awsat
Iraq Oil Exports Down 8.5% to 95,148 Million Barrels
Iraq exported 95,148 million barrels of oil in February 2025, down 8.5% compared to January exports, according to data released by the State Organization for Marketing of Oil (SOMO). The total quantities of crude oil exported during February from the oil fields in central and southern Iraq reached 94,375,012 barrels, SOMO said. Iraq's oil exports to Jordan reached 419,846 barrels, and the quantities exported from the Qayyarah field reached 353,309 barrels. In January, Iraq said it exported 103 million barrels of oil. Starting this month and until June 2026, Iraq must voluntarily cut its crude oil production by an average of 125,000 barrels per day, as part of efforts to compensate for exceeding an OPEC+ quota during the previous months. The country is the second-largest crude oil producer in the Organization of the Petroleum Exporting Countries (OPEC) after Saudi Arabia. Iraq's economy heavily relies on crude oil exports, which account for about 90 percent of the country's revenues. On Wednesday, BP said it has received final government approval for the redevelopment of Iraq's giant Kirkuk oil fields, with an initial plan to produce 3 billion barrels of oil equivalent. The project is a breakthrough for Iraq, where output has been constrained by years of war, corruption and sectarian tensions, and a cornerstone of BP's drive to refocus on its oil and gas business and away from renewables.
Iraqi News
28-03-2025
- Business
- Iraqi News
Iraq possesses over 145 billion barrels of proven oil reserves
Baghdad ( – The State Organization for Marketing of Oil (SOMO) revealed on Wednesday that Iraq has the fourth-largest proven oil reserves in the world, with around 145 billion barrels. Iraq ranks second in OPEC oil production and has one of the largest oil and gas resources in the world. Its natural gas reserves, which are currently valued at $514 billion, reach 132 trillion cubic feet, while its proven oil reserves are estimated to be worth $10.6 trillion. Iraq's oil exports in 2024 totaled almost $99 billion, demonstrating the sector's significance to the country's economy. The Iraqi government intends to boost its oil output from the current four million barrels per day to six million barrels per day by 2029. To reach this goal, the country is establishing several projects in different Iraqi provinces. Foreign oil companies have made significant investments in Iraq. Britain's British Petroleum (BP) is spending $25 billion on oil field development projects, whereas France-based TotalEnergies has committed $27 billion to multiple energy projects. Chinese corporations have also made significant investments, most notably Sinopec, CNOOC, and PetroChina. Iraq has also welcomed American businesses in an effort to boost its capacity to become self-sufficient in electricity through these investments. Along with electrical interconnections with neighboring countries, Iraq has also started to implement renewable energy projects.
