Greece has solidified its position as the top European importer of Iraqi oil in 2024, according to data from S&P Global Commodity Insights.
The country imported an average of 190,950 barrels per day (bpd) during the first half of the year, before a significant decrease to 30,870 bpd in December.
This surge in imports contributed to a substantial increase in the value of Iraq's oil exports to Greece. In total, Iraq exported 9.76 million tons of oil-related products to Greece in 2024, generating over $5.4 billion in revenue. Of this, 8.23 million tons were crude oil, valued at $4.6 billion, while 1.53 million tons were petroleum oils and mineral-based derivatives, amounting to $812.4 million. This marks a 21% rise compared to 2020, reflecting a consistent upward trend over the past five years.
Greece's significant role in Iraq's oil export strategy underscores the strong economic ties between the two nations. Alongside Italy and Turkey, Greece remains one of the top European importers of Iraqi crude oil, highlighting its strategic importance in the European energy market.
The data also reveals that China and India are the leading buyers of Iraqi oil, each with seven companies among the 35 entities that procured oil during a specified timeframe. South Korean enterprises secured the second position with four companies, while American corporations clinched the third rank with a trio of firms. Emirati and Greek organisations shared the fourth place, with two each.
Beyond trade, Greece and Iraq have been steadily strengthening their bilateral relations. Their cooperation extends into sectors such as energy, infrastructure, and higher education. Recent diplomatic exchanges and discussions around joint investments in oil and renewable energy projects underscore both countries' interest in deepening strategic ties in the Eastern Mediterranean and Middle East.
As Iraq continues to diversify its export markets, the sustained demand from Greece and other European countries plays a crucial role in bolstering the nation's oil revenue and economic stability.
Source: Shafaq News
Image source: Al Jazeera
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