SULAIMANI (ESTA) — Iraq exported more than 1 billion barrels of oil in 2020, according to statistics from SOMO.
The Iraqi oil ministry exported 1,096,3450,000 barrels of oil during 2020, statistics from Iraq’s state-oil marketing company (SOMO) showed, according to Shafaaq news.
Iraq generated $41.755 billion from oil sales last year, SOMO said. The average monthly price of a barrel stood at $38.86.
The total oil exports from oilfields in central and southern Iraq reached more than 1 billion barrels, while it was over 33 million barrels in Kirkuk oilfields. Oil exports from Qayyarah oilfield reached 617,894,000 barrels.
Iraq exported 2,265,000 barrels of oil to Jordan last year, according to SOMO statistics.
“Chinese and Indian oil companies were the most buyers of Iraq’s oil, followed by American companies,” Shafaaq cited SOMO as saying.
Reuters reported last week that Iraq’s oil exports to China in 2020 rose 16.1% to 60.12 million tons in 2020, making it China’s third largest oil supplier.
Iraq was the top oil supplier to India in 2020 and a reduction in long-term Basra crude supplies could erode Baghdad’s market share in the world’s third largest oil importer and consumer.
Reuters cited industry sources as saying that SOMO had reduced the 2021 Basra term volumes to several Indian refiners by between 10% and 20%.
SOMO told Indian refiners that it had reduced annual contracts for all Asian buyers to compensate for higher volumes produced in the previous year, one of the sources told Reuters.
Iraq has been striving to meet its output target under an agreement between the Organization of Petroleum Exporting Countries and allies, including Russia, to limit production and support global oil prices. Baghdad is heavily reliant on oil revenues to support the country’s economy.
