Iraq oil revenues fall in first half 2026

Shafaq News- Baghdad

Iraq, OPEC's second-largest producer, earned $18.679 billion from crude oil exports in the first half of 2026, selling 268,092,198 barrels of crude, according to figures from Iraq's State Oil Marketing Organization (SOMO).

SOMO, the state body responsible for all of Iraq's crude oil sales, recorded exports of more than 606 million barrels in the first six months of 2025, more than double the volume shipped in the same period this year.

Revenue reported for only four months of the first half of 2025 reached about $27.514 billion, exceeding Iraq's total oil income for the entire first half of 2026, according to the SOMO figures.

The Iraqi Oil Ministry said last Tuesday that crude exports surpassed 32 million barrels in May and June, generating more than $2.3 billion, based on SOMO's final statistics.

The release followed a period of irregular disclosure of export and revenue data, which the report linked to regional tensions that disrupted energy supply chains and maritime navigation in recent months.

The Oil Ministry has not resumed regular monthly publication of export and revenue statistics since its report covering April.

Read more: No exit but Hormuz: Iraq's economic vulnerability exposed