Iraqi oil exports jump 73% in August
Shafaq News- Baghdad
Iraq’s oil exports rose about 73% in August to around 2.34 million barrels per day (bpd), up from roughly 1.35 million bpd in July, as steep discounts and alternative shipping arrangements helped restore flows disrupted by the Strait of Hormuz crisis.
Preliminary estimates from Vortexa and Kpler put August volumes at 2.3 million bpd and 2.17 million bpd, respectively, Reuters reported, still well below February’s pre-war levels of around 3.7 million bpd and 3.362 million bpd.
Read more: SCOOP: Iraq in talks with US-Iran over Hormuz oil shipments
Iraq remains particularly exposed to disruptions in Hormuz, with around 95% of its oil normally leaving through southern Gulf terminals and sales generating roughly 90% of federal revenue. The State Oil Marketing Organization (SOMO) offered August-loading Basra crude at discounts of $25 to $30 per barrel, attracting renewed interest from Chinese and Indian refiners and major trading firms. Economist Nabil Al-Marsoumi linked the rebound to lower prices and the use of smaller tankers to carry cargoes beyond Hormuz for resale.
SOMO has further facilitated ship-to-ship transfers off Oman, enabling buyers to receive Iraqi oil without sending their own vessels through the strait.
Chinese demand has extended into September, with refiners purchasing at least 16 million barrels of Basra crude for delivery this month. The buying represents a sharp reversal from July, when customs data showed China’s imports from Iraq collapsing 98% amid shipping disruptions.
Read more: Exclusive: SOMO seeks safe Hormuz passage for Iraqi oil exports
