Iraq's Seaborne Oil Exports Surpass Significant Level for First Time Since Crisis Eruption

Iraq's seaborne crude oil exports witnessed a significant rise in August, exceeding two million barrels per day for the first time since the regional conflict began. This marks the third consecutive monthly increase, signaling a sustained recovery trend in crude flows. Data showed Iraq's seaborne oil quantities reached 2.16 million barrels daily in August 2026, up from 1.32 million barrels daily in July. Exports grew 64%, an increase of 840,000 barrels per day. However, these levels remain approximately 35% below August 2025 figures, which were 3.34 million barrels daily before the crisis erupted. This recovery coincided with a dominance of unspecified destinations in August exports, accounting for 66% of the total. This highlights market uncertainty and shifts in logistical routes amid concerns over passage through the Strait of Hormuz. Iraq's seaborne crude oil exports surpassed the two million barrels daily threshold for the first time since the crisis, continuing their gradual recovery after sharp earlier declines. Monthly export figures were: * January: 3.31 million barrels daily. * February: 3.36 million barrels daily. * March: 550,000 barrels daily. * April: 132,000 barrels daily. * May: 98,000 barrels daily. * June: 493,000 barrels daily. * July: 1.32 million barrels daily. * August: 2.16 million barrels daily. Despite recent improvements, Iraq's average oil exports decreased by about 57% from January to late August 2026, reaching 1.43 million barrels daily. This compares to roughly 3.33 million barrels daily in the same period of 2025. The eight-month average decline was due to a sharp downturn from March, coinciding with the regional conflict's escalation. Flows plummeted 83% annually, reaching historical lows in April and May, with over a 90% decrease. Iraq's export operations began a gradual recovery in June. Shipments then surged strongly in July to 1.32 million barrels daily, continuing their ascent to 2.16 million barrels in August. Importers of Iraqi oil in August were distributed as follows, with unspecified destinations leading: * Unspecified destinations: 1.37 million barrels daily. * India: 163,000 barrels daily. * UAE: 129,000 barrels daily. * Egypt: 95,000 barrels daily. * Myanmar: 69,000 barrels daily. * Malaysia: 67,000 barrels daily. * Taiwan: 64,000 barrels daily. * China: 63,000 barrels daily. * South Korea: 61,000 barrels daily. * Turkey: 44,000 barrels daily. * Greece: 32,000 barrels daily. Unspecified destinations held the largest share of Iraq's total seaborne oil shipments, at 1.37 million barrels daily in August 2026. For specified destinations, Iraq's oil exports to India fell 83%, recording 163,000 barrels daily compared to about 935,000 in August last year. The UAE also emerged as a key destination, importing an unusual volume of 129,000 barrels daily last month. Conversely, Egypt imported 95,000 barrels daily of Iraqi crude in August 2026, a 197% increase from 32,000 barrels in the same month of 2025. Iraqi exports also went to Myanmar at 69,000 barrels daily, for the first time since September 2024.