Iraq's Oil Exports Reach Highest Level Since Start of Iran Conflict

Iraq's crude oil exports increased by 15% in October 2026, equivalent to 380,000 barrels per day, reaching the highest level since the Iran conflict began in February 2026. Data from the Energy Research Unit indicate that seaborne crude oil exports rose to 2.96 million barrels per day in October, up from 2.58 million barrels per day in September. However, maritime exports remain 14% lower compared to October 2025 levels, which were 3.43 million barrels per day. On October 19, the Iraqi Oil Minister, Basim Mohammed Khudair, announced that the country's total crude oil exports exceeded 3.4 million barrels per day, including more than 400,000 barrels via a pipeline connecting Iraq to Turkey. Seaborne oil exports continued to rise for the fifth consecutive month in October, with monthly export volumes as follows: January: 3.31 million barrels per day. February: 3.34 million barrels per day. March: 540,000 barrels per day. April: 132,000 barrels per day. May: 98,000 barrels per day. June: 515,000 barrels per day. July: 1.37 million barrels per day. August: 2.35 million barrels per day. September: 2.58 million barrels per day. October: 2.96 million barrels per day. Despite this recovery, the average crude oil exports from Iraq declined by 49% during the period from January to October 2026, averaging 1.72 million barrels per day compared to 3.35 million barrels per day in the same period in 2025. October's oil exports managed to reduce the annual decline to just 14%, after hitting historic lows in April and May with decreases exceeding 90% compared to levels above 3.3 million barrels per day before the crisis. Amid disruptions in the Strait of Hormuz and some vessels turning off tracking devices, unknown destinations accounted for the largest share of Iraq's seaborne oil exports in October, totaling 1.50 million barrels per day. China ranked second with exports of 668,000 barrels per day, down 40% from October 2025. Exports to India fell by more than 53%, recording 422,000 barrels per day. The UAE received 64,000 barrels per day in October, marking the fifth consecutive month its ports imported Iraqi crude.