Eco
Iraq's crude oil exports via sea witnessed a significant leap last August, surpassing the two million barrels per day (BPD) threshold for the first time since the onset of the crisis, signaling a gradual and tangible recovery trajectory. According to data released by a Washington-based energy research unit, the volume of Iraqi oil transported by sea increased to 2.16 million BPD in August 2026. This represents a 64% growth, equivalent to an increase of 840,000 BPD compared to the previous July, which recorded 1.32 million BPD. This marks the highest export level since the start of the regional crisis, which coincided with the Iran war and the repercussions of the Strait of Hormuz crisis, profoundly impacting oil flows in the region. Despite this recovery, current levels remain approximately 35% below the normal levels recorded before the crisis, when exports reached 3.34 million BPD in August 2025. However, this decline represents a notable improvement compared to previous months which saw sharper reductions. Meanwhile, the data revealed that undisclosed destinations prominently dominated August's exports, accounting for 66% of the total. This trend reflects a state of ambiguity and a shift in logistical routes, often driven by security and operational concerns related to passage through the Strait of Hormuz. Some of these destinations are expected to become clearer to the energy research unit upon the publication of next month's data. **Overview of Export Trends Over Eight Months:** Iraq's crude oil exports via sea exceeded the two-million-BPD mark for the first time since the crisis began, thus continuing its gradual recovery path after challenging months. Looking at the first eight months of the current year, significant fluctuations in export levels are evident: * January 2026: 3.31 million BPD. * February 2026: 3.36 million BPD. * March 2026: 550,000 BPD. * April 2026: 132,000 BPD. * May 2026: 98,000 BPD. * June 2026: 493,000 BPD. * July 2026: 1.32 million BPD. * August 2026: 2.16 million BPD. Despite the marked improvement in the last two months, the average Iraqi oil exports for the period from January to the end of August 2026 decreased by approximately 57%, recording 1.43 million BPD, compared to about 3.33 million BPD for the same period in 2025. This significant average decline is attributed to a severe downturn phase in exports starting last March, coinciding with the outbreak of the Iran war, where flows plunged by 83% year-on-year, reaching their lowest historical levels in April and May with a drop exceeding 90%. Signs of recovery began to appear in Iraq's export landscape starting last June, before shipments jumped sharply in July to 1.32 million BPD, continuing their upward trend to touch 2.16 million BPD in August. This underscores the resilience of the Iraqi oil sector and its capacity to regain some of its vitality. **Global Destinations for Iraqi Oil in August:** The list of countries importing Iraqi oil in August was distributed as follows, with a clear dominance of undisclosed destinations: * Undisclosed destinations: 1.37 million BPD. * India: 163,000 BPD. * UAE: 129,000 BPD. * Egypt: 95,000 BPD. * Myanmar: 69,000 BPD. * Malaysia: 67,000 BPD. * Taiwan: 64,000 BPD. * China: 63,000 BPD. * South Korea: 61,000 BPD. * Turkey: 44,000 BPD. * Greece: 32,000 BPD. Undisclosed destinations accounted for the largest share of Iraq's seaborne oil shipments, totaling 1.37 million BPD in August 2026. In contrast, exports to India decreased by 83%, recording 163,000 BPD compared to 935,000 BPD in the same month last year. The UAE also emerged as a major destination with an unusual volume of imports reaching 129,000 BPD. Egypt, however, saw a significant increase in its Iraqi crude imports, receiving 95,000 BPD in August 2026, a 197% rise from 32,000 BPD in August 2025. Furthermore, Myanmar resumed importing Iraqi oil at a rate of 69,000 BPD, for the first time since September 2024, indicating a diversification of export markets.
