2025-05-28T18:52:07+00:00

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Shafaq News/ Iraq
delivered $2.68B in oil shipments to Italy in 2024, maintaining its role as a
key energy supplier to the European market, official trade data showed.

The exports included
4.32 million tonnes of crude oil worth $2.44B, in addition to 435,532 tonnes of
petroleum-based derivatives, which generated $242.57M.

The total reflected a
modest 1% growth in value compared to 2020, indicating consistent trade volumes
over the past five years.

Italy imports Iraqi
oil through long-term agreements with energy firms such as Eni and Saras, which
refine the crude in southern Europe, the country being one of Iraq’s top
European clients, alongside rising demand from other EU nations seeking to
diversify supply amid geopolitical shifts.

Iraq, a founding
member of OPEC, continues to depend on oil for over 90% of its government
revenue. Despite production cuts under the OPEC+ agreement, Baghdad’s fuel oil
exports are projected to reach record highs in 2024, with total oil shipments
surpassing 1.2 billion barrels globally.

Asia remains Iraq’s
largest market, with China and India accounting for about 60% of total exports.
However, recent trends show growing momentum in Europe, including emerging
deals with the Czech Republic and other EU states seeking alternatives to Russian crude.