Iraq: Market for Crude Oil and Processed Petroleum 2024

Market Size for Crude Oil and Processed Petroleum in Iraq

The Iraqi market for crude oil and processed petroleum dropped sharply to $X in 2022, falling by X% against the previous year. Over the period under review, consumption, however, continues to indicate a strong expansion. Crude oil and processed petroleum consumption peaked at $X in 2015; however, from 2016 to 2022, consumption failed to regain momentum.

Production of Crude Oil and Processed Petroleum in Iraq

In value terms, crude oil and processed petroleum production shrank to $X in 2022 estimated in export price. Over the period under review, production saw a pronounced reduction. The pace of growth was the most pronounced in 2018 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2015; however, from 2016 to 2022, production failed to regain momentum.

Exports of Crude Oil and Processed Petroleum

Exports from Iraq

In 2022, shipments abroad of crude oil and processed petroleum increased by X% to X tons for the first time since 2018, thus ending a three-year declining trend. In general, exports enjoyed a mild increase. The growth pace was the most rapid in 2016 with an increase of X% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, crude oil and processed petroleum exports dropped remarkably to $X in 2022. Overall, exports, however, recorded a perceptible curtailment. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

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

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Greece (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for crude oil and processed petroleum exported from Iraq were China ($X), India ($X) and South Korea ($X), with a combined X% share of total exports.

China, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average export price for crude oil and processed petroleum amounted to $X per ton, waning by X% against the previous year. Over the period under review, the export price continues to indicate a deep contraction. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. The export price peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Italy ($X per ton) and China ($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 (X%), while the prices for the other major destinations experienced a decline.

Imports of Crude Oil and Processed Petroleum

Imports into Iraq

Crude oil and processed petroleum imports into Iraq contracted rapidly to X tons in 2022, falling by X% compared with the previous year's figure. Overall, imports, however, showed prominent growth. The most prominent rate of growth was recorded in 2016 with an increase of X%. Imports peaked at X tons in 2021, and then declined rapidly in the following year.

In value terms, crude oil and processed petroleum imports reduced sharply to $X in 2022. Over the period under review, imports, however, continue to indicate a strong expansion. The pace of growth was the most pronounced in 2014 when imports increased by X% against the previous year. Imports peaked at $X in 2021, and then reduced markedly in the following year.

Imports by Country

In 2022, the United Arab Emirates (X tons) constituted the largest supplier of crude oil and processed petroleum to Iraq, with a X% share of total imports. Moreover, crude oil and processed petroleum imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, India (X tons), eightfold. The third position in this ranking was taken by Malaysia (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United Arab Emirates amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: India (X% per year) and Malaysia (X% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of crude oil and processed petroleum to Iraq, comprising X% of total imports. The second position in the ranking was held by India ($X), with a X% share of total imports. It was followed by Malaysia, with a X% share.

From 2012 to 2022, the average annual growth rate of value from the United Arab Emirates amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: India (X% per year) and Malaysia (X% per year).

Import Prices by Country

The average import price for crude oil and processed petroleum stood at $X per ton in 2022, declining by X% against the previous year. In general, import price indicated a resilient increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, crude oil and processed petroleum import price increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2013 an increase of X% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 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 Taiwan (Chinese) ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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