Iraq is evaluating the potential of exporting crude oil to African markets as part of its broader strategy to expand its oil market reach, according to Oil Minister Hayan Abdul Ghani.
In a statement to the state-run Iraqi News Agency, Abdul Ghani revealed that the government is assessing the feasibility of tapping into African demand for Iraqi crude oil. This move is part of Iraq’s ongoing efforts to diversify its export destinations beyond its traditional Asian markets.
Iraq’s oil industry has been growing steadily, with the country signing 44 contracts during the latest oil licensing rounds across 14 provinces. The state-owned Basra Oil Company, which manages Iraq’s oil operations, has secured the largest share of these contracts, totaling 12.
Currently, Iraq exports between 3.2 million and 3.5 million barrels of oil per day, with approximately 70 percent of these shipments heading to Asia. China remains Iraq’s largest buyer, followed by India.
In addition to expanding its oil export markets, Iraq is also accelerating its renewable energy initiatives. TotalEnergies, a French energy giant, is set to play a key role in this transition, with plans to generate 1,000 megawatts of electricity through a new solar power plant.
Regarding Iraq’s northern oil operations, Abdul Ghani stated that the country expects to export around 350,000 barrels per day via Turkey’s Ceyhan port. However, the Ministry of Oil does not oversee production in the Kurdistan region, which is producing an estimated 286,000 barrels per day, as reported to OPEC.