Iraq accelerates oil export channels, pushing exports to 2 million barrels per day
Commodity
Iraq's oil exports have jumped sharply since early August 2026, averaging around 2 million barrels per day, as the government moves aggressively to expand export volumes and open additional oil and gas transport routes. Iraq's Oil Minister Basim Khudair said on Friday, August 14, that the country's oil exports have averaged 2 million barrels per day since the start of August, after Iraq's seaborne oil shipments plunged severely in the first seven months of 2026, averaging only about 1.31 million barrels per day, a drop of nearly 60 percent compared with the same period in 2025, when they reached as high as 3.33 million barrels per day. The oil minister said the ministry is working at full capacity to increase exports, which account for more than 85 percent of the country's budget. Iraq's Oil Ministry is currently trying to boost production capacity and export capability while upgrading infrastructure and crude oil loading terminals, as the government prioritises diversifying energy export routes to reduce reliance on existing channels. In July, Iraq's total crude oil shipments came to about 49 million barrels, with seaborne shipments surging to nearly 39 million barrels, signalling a significant recovery compared with June's figure of just 15 million barrels, or month-on-month growth of more than 153 percent. The lowest point for Iraqi oil exports came in May 2026, when exports collapsed to only about 98,000 barrels per day, a decline of as much as 97 percent compared with the same period a year earlier.
