What were Iraq's oil export volumes in August 2024, and how do they compare to previous months?

Iraqi crude exports rose to 2.17 million barrels per day (bpd) in August, up from 1.322 million bpd in July, marking a third consecutive monthly increase; however, this remains significantly below the pre-conflict level of 3.362 million bpd in February, according to provisional data from analytics firm Kpler. Shiptracking company Vortexa reported a slightly higher figure of 2.3 million bpd for August, also up from 1.6 million bpd in July but still well below February’s 3.7 million bpd.

Why did Iraqi oil exports rebound in August, and what role did pricing and Iranian permissions play?

The rebound was driven by heavy discounts—$25 to $30 per barrel on a free-on-board basis—offered by Iraqi state oil marketer SOMO for August-loading cargoes, which incentivized buyers like PetroChina, Zhenhua Oil, TotalEnergies, Vitol, Trafigura, Mercuria, and Cathay Petroleum; additionally, Iran granted permission for a number of Iraqi oil tankers to pass through the Strait of Hormuz, making Iraq the only Gulf producer explicitly authorized to do so, according to Sparta Commodities’ senior analyst June Goh.

Iraq Boosts Oil Exports in August as Low Prices Draw Buyers

Sep 2, 2026

Iraq boosted oil exports to 2.17 million bpd in August thanks to deep discounts and Iranian clearance for tankers in the Strait of Hormuz. Major refiners including PetroChina and Reliance secured cargoes as supply recovers from wartime curtailments.

reuters

2026-09-02

Iraq Boosts Oil Exports in August as Low Prices Draw Buyers

Iraq Boosts Oil Exports in August as Low Prices Draw Buyers

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