The Iraqi base oil market, a vital segment of the country"s petroleum industry, has shown substantial fluctuations in both trade volume and pricing. As a cornerstone of Iraq"s economy, base oil is primarily used in the production of lubricants, which are essential for various industries. According to recent data, Iraq"s export volume of base oil has seen a moderate increase. Despite global economic fluctuations, Iraq managed to export 1. 5 million barrels in Q2 2023, a 5% increase compared to the previous quarter. This uptick can be attributed to stabilizing geopolitical conditions and increased demand in Asian markets. In terms of pricing, the average price of exported base oil from Iraq was $620 per barrel in Q2 2023, marking a 3% rise from Q1 2023. This increase reflects both rising global oil prices and Iraq"s strategic pricing policies aimed at maximizing revenue.

The pricing trends indicate a recovery from the price slump experienced in the latter half of 2022 due to global supply chain disruptions. On the import front, Iraq"s intake of base oil remained steady, with 1 million barrels imported in the same quarter. This stability is crucial for meeting local industrial demands and maintaining the supply chain"s integrity. These trends highlight the importance of Iraq"s base oil sector in the broader petroleum market. The country"s ability to adjust export volumes and influence pricing demonstrates its significant role as a key player in the global base oil landscape. Aritral, an AI-driven B2B platform, offers comprehensive solutions for businesses looking to engage with Iraq"s petroleum market. With services like Product Listing, Direct Communication, and AI-Powered Marketing, Aritral facilitates seamless interactions and boosts global sales, helping suppliers and buyers navigate the complexities of international trade. "