Iraq’s exports $2.7B in oil to Italy in 2024

Shafaq News/ Iraq delivered $2.68B in oil shipments to Italy in 2024, maintaining its role as a key energy supplier to the European market, official trade data showed.

The exports included 4.32 million tonnes of crude oil worth $2.44B, in addition to 435,532 tonnes of petroleum-based derivatives, which generated $242.57M.

The total reflected a modest 1% growth in value compared to 2020, indicating consistent trade volumes over the past five years.

Italy imports Iraqi oil through long-term agreements with energy firms such as Eni and Saras, which refine the crude in southern Europe, the country being one of Iraq’s top European clients, alongside rising demand from other EU nations seeking to diversify supply amid geopolitical shifts.

Iraq, a founding member of OPEC, continues to depend on oil for over 90% of its government revenue. Despite production cuts under the OPEC+ agreement, Baghdad’s fuel oil exports are projected to reach record highs in 2024, with total oil shipments surpassing 1.2 billion barrels globally.

Asia remains Iraq’s largest market, with China and India accounting for about 60% of total exports. However, recent trends show growing momentum in Europe, including emerging deals with the Czech Republic and other EU states seeking alternatives to Russian crude.