Iraq’s oil exports jump to two million barrels per day

Oil tankers Tataki and Maran Aspasia fill at Al-Basrah Oil Terminal off Iraq’s Faw peninsula, Aug. 5, 2025. Photo: AFP Baghdad (IraqiNews.com) – Iraq’s oil exports have increased dramatically since the beginning of August 2026, hitting an average of approximately two million barrels per day, as Baghdad continues to maximize export quantities and open up additional oil and gas export outlets. Iraqi Oil Minister Basim Khudair revealed on Friday that the country’s oil exports have averaged two million barrels per day since the beginning of August. Iraq’s seaborne oil shipments fell dramatically in 2026, averaging roughly 1.31 million barrels per day during the first seven months of the year, compared to 3.33 million barrels per day during the same time in 2025. The Iraqi Ministry of Oil is trying to boost production and export capacity while improving infrastructure and crude oil export terminals, given the government’s focus on diversifying oil and gas export routes. Khudair indicated that the Ministry of Oil is working tirelessly to increase exports, which account for more than 85 percent of the country’s budget. The Iraqi oil minister noted that crude oil shipments in July were roughly 49 million barrels. Iraq’s average seaborne oil shipments during the first seven months of 2026 were at 1.31 million barrels per day, representing an almost 60 percent decline compared to the same time in 2025. Sea shipments increased significantly in July, hitting nearly 39 million barrels compared to 15 million barrels in June, reflecting a monthly rise of more than 153 percent. Iraq’s oil exports fell to its lowest level in May 2026, at roughly 98,000 barrels per day, a 97 percent decline compared to the previous year.