Report Update Nov 1, 2024

Iraq - Crude Petroleum Oil - Market Analysis, Forecast, Size, Trends and Insights

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Iraq: Crude Oil Market 2024

Crude Oil Market Size in Iraq

The Iraqi crude oil market declined to $X in 2022, falling by -9.8% against the previous year. Over the period under review, consumption, however, continues to indicate perceptible growth. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market remained at a somewhat lower figure.

Crude Oil Production in Iraq

In value terms, crude oil production contracted to $X in 2022 estimated in export price. In general, production saw a slight descent. The most prominent rate of growth was recorded in 2021 when the production volume increased by 21% against the previous year. Crude oil production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Crude Oil Exports

Exports from Iraq

In 2022, the amount of crude petroleum oil exported from Iraq reduced slightly to X tons, waning by -3% on 2021 figures. Overall, total exports indicated a notable increase from 2012 to 2022: its volume increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +3.2% against 2020 indices. The most prominent rate of growth was recorded in 2016 when exports increased by 47%. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, crude oil exports declined to $X in 2022. Over the period under review, exports recorded a pronounced decrease. The growth pace was the most rapid in 2018 when exports increased by 41% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

China (X tons), India (X tons) and the United States (X tons) were the main destinations of crude oil exports from Iraq, with a combined 67% share of total exports. South Korea, Greece, Italy, the Netherlands, Spain and Germany lagged somewhat behind, together comprising a further 24%.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +20.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X), India ($X) and South Korea ($X) were the largest markets for crude oil exported from Iraq worldwide, with a combined 69% share of total exports. The United States, Greece, Italy, the Netherlands, Spain and Germany lagged somewhat behind, together comprising a further 24%.

Among the main countries of destination, Germany, with a CAGR of +11.8%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average crude oil export price stood at $X per ton in 2022, declining by -9.2% against the previous year. Overall, the export price showed a deep setback. The most prominent rate of growth was recorded in 2018 when the average export price increased by 34% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were China ($X per ton) and Germany ($X per ton), while the average price for exports to the United States ($X per ton) and Spain ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (-5.2%), while the prices for the other major destinations experienced a decline.

Crude Oil Imports

Imports into Iraq

In 2022, crude oil imports into Iraq soared to X tons, rising by 97% against 2021. Overall, imports, however, saw a deep setback. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, crude oil imports skyrocketed to $X in 2022. Over the period under review, imports, however, faced a abrupt shrinkage. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Lebanon (X tons) and the United Arab Emirates (X tons) were the main suppliers of crude oil imports to Iraq.

From 2012 to 2022, the biggest increases were recorded for Lebanon (with a CAGR of +12.9%).

In value terms, the United Arab Emirates ($X) and Lebanon ($X) appeared to be the largest crude oil suppliers to Iraq.

Among the main suppliers, Lebanon, with a CAGR of -0.0%, recorded the highest rates of growth with regard to the value of imports, over the period under review.

Import Prices by Country

In 2022, the average crude oil import price amounted to $X per ton, which is down by -24.3% against the previous year. In general, the import price saw a drastic downturn. The pace of growth was the most pronounced in 2021 an increase of 90% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while the price for Lebanon amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Jordan (+14.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for crude petroleum oil in the world?

The countries with the highest volumes of in 2021 were the United States, China and Russia, with a combined 45% share of global consumption. India, Saudi Arabia, South Korea, Japan, Brazil, Canada, Israel, Germany, the Netherlands and Thailand lagged somewhat behind, together accounting for a further 28%.

What are the largest producers of crude petroleum oil in the world?

The countries with the highest volumes of in 2021 were the United States, Russia and Saudi Arabia, with a combined 42% share of global production.

What are the leading suppliers of crude petroleum oil to Iraq?

In value terms, the United Arab Emirates constituted the largest supplier of crude oil to Iraq.

What are the leading importers of crude petroleum oil from Iraq?

In value terms, the largest markets for crude oil exported from Iraq were India, China and South Korea, with a combined 70% share of total exports. Greece, Italy, the United States and Spain lagged somewhat behind, together accounting for a further 19%.

What is the average export price for crude petroleum oil in Iraq?

The average crude oil export price stood at $349 per ton in 2021, growing by 11% against the previous year.

What is the average import price for crude petroleum oil in Iraq?

In 2021, the average crude oil import price amounted to $820 per ton, remaining relatively unchanged against the previous year.

This report provides an in-depth analysis of the crude oil market in Iraq. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Country coverage:

Iraq

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Iraq
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023