Iraq looks beyond Asia for oil sales

Shafaq News – Baghdad

Asia remains the primary destination for Iraqi crude, absorbing nearly three-quarters of exports, according to official data.

Eco Iraq quoted analyst Duraid Abdullah on Saturday as saying about 75% of shipments leave Basra for China and India, where freight is cheaper and transit faster than to other markets. US Energy Information Administration (EIA) figures put the Asian share at 72%, with South Korea also a key buyer.

Europe, by contrast, accounts for about a fifth of Iraqi exports. Deliveries routed through the Red Sea and Suez Canal add more than $10 per barrel in transport costs compared with Asia, while flows to the United States make up roughly 7%. Another 5% is directed to smaller markets such as Tunisia and South Africa.

Baghdad is considering ways to ease pressure on southern terminals and cut costs. Proposals include rehabilitating the Kirkuk–Baniyas pipeline through Syria, exploring a link to Lebanon’s Tripoli terminal, and reviving the long-discussed Basra–Aqaba line. Officials are also examining upgrades to offshore loading facilities in Basra.