Iraq emerges as third largest oil exporter to China in 2023

In 2023, Iraq secured its position as the third-largest oil exporting nation to China, as detailed in a comprehensive report released by Reuters. This revelation comes against the backdrop of China’s unprecedented surge in oil imports, reaching a historic pinnacle of 563.99 million metric tons, corresponding to an impressive 11.28 million barrels per day.

The leading spot in China’s oil imports was claimed by Russia, with a substantial export volume of 107,024,517 metric tons, translating to an extensive 781,275 million barrels. Following closely, Saudi Arabia held the second-largest position, contributing 85,959,517 metric tons, equivalent to 627,500 million barrels to China’s burgeoning oil inventory.

Iraq, securing its role as a pivotal player, emerged as the third-largest oil exporter to China in 2023. The country’s oil exports to China amounted to 59,260,931 metric tons, an equivalent of 432,604 million barrels. Notably, these figures represent a significant 6.8 percent increase compared to the quantities exported in the preceding year, underscoring Iraq’s growing importance in China’s oil market.

Despite Western sanctions, China exhibited a strategic defiance, opting to bypass restrictions and procure substantial quantities of oil for its expansive processing facilities. This resilient approach underscores China’s commitment to securing diverse and robust energy sources, fostering resilience in the face of geopolitical challenges and market dynamics.