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OIL: Iraqi Crude Exports Hit 4-Month Low in Dec: Platts

OIL
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Seaborne Iraqi crude oil exports in Dec fell to 3.15m b/d, down 9.7% from August, Platts said.

  • China and India were the main importers, with Chinese imports fluctuating significantly throughout the year. In 2024, Iraq was China's fourth largest crude supplier.
  • New US sanctions and Shandong Port Group's blacklist on sanctioned vessels may impact China's crude imports from Russia and Iran in early 2025, possibly supporting demand for Iraqi grades.
  • India, Iraq's second-biggest market, may diversify away from Russian crude. Indian and Chinese companies are seeking alternative supplies, with prices rising in early January.
  • Platts assessed Iraq's Basrah Medium and Heavy differentials at highs not seen since 2022. Recent sanctions may further boost Iraqi crude's market in China and India in 2025.
  • Iraq's production exceeded its OPEC+ quota, with December output at 4.07m b/d. 
iraq crude grades
Source: S&P Global Commodity Insights
iraqi crude p month
Source: S&P Global Commodity Insights

 

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Seaborne Iraqi crude oil exports in Dec fell to 3.15m b/d, down 9.7% from August, Platts said.

  • China and India were the main importers, with Chinese imports fluctuating significantly throughout the year. In 2024, Iraq was China's fourth largest crude supplier.
  • New US sanctions and Shandong Port Group's blacklist on sanctioned vessels may impact China's crude imports from Russia and Iran in early 2025, possibly supporting demand for Iraqi grades.
  • India, Iraq's second-biggest market, may diversify away from Russian crude. Indian and Chinese companies are seeking alternative supplies, with prices rising in early January.
  • Platts assessed Iraq's Basrah Medium and Heavy differentials at highs not seen since 2022. Recent sanctions may further boost Iraqi crude's market in China and India in 2025.
  • Iraq's production exceeded its OPEC+ quota, with December output at 4.07m b/d. 
iraq crude grades
Source: S&P Global Commodity Insights
iraqi crude p month
Source: S&P Global Commodity Insights