Iraq's petroleum product exports fall 16% in Q1 2026

Shafaq News- Baghdad

Iraq's petroleum product exports totaled 2.35 million tonnes in the first quarter of 2026, down nearly 16% from 2.80 million tonnes during the same period last year, according to data released on Tuesday by the State Oil Marketing Organization (SOMO).

The exports consisted of 2.12 million tonnes of fuel oil and 234,503 tonnes of naphtha, while no sulfur exports were recorded during the January-March period.

Iraq, OPEC's second-largest oil producer, relies on crude oil exports for about 90% of federal revenue. According to government accounts through April, oil revenues reached 26.121 trillion Iraqi dinars (about $17B), accounting for 84% of the country's total income of 31.163 trillion dinars (about $20B) during the first four months of 2026.