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30.5% Increase in Iraq's Oil Exports to the U.S.

According to the U.S. Energy Information Administration (EIA) and Shafaq News, Iraq increased its oil exports to the United States by 30.5% in the first five months of 2023.

From January to May 2023, Iraqi Exports to the U.S. increased by 61% over the same period in 2021.

According to EIA data, a total of 12.168 million barrels of Iraqi oil have been imported into the United States so far this year. In March 2023, the U.S. imported the lowest amount of oil from Iraq between January and May, totaling 9.409 million barrels.

In general, U.S. Imports of petroleum from OPEC and Persian Gulf countries have declined over the past decades, while imports from Canada have increased.

With increased domestic petroleum production and higher petroleum exports, U.S. petroleum imports peaked in 2005.

Iraq was among the top five primary sources of U.S. total petroleum imports in the past year. Data from the EIA reveals that, at 4%, imports from Iraq took fourth place under Canadian imports with 52%, Mexican with 10%, and Saudi Arabian at 7%. Additionally, of all U.S. crude oil imports in 2022, Iraq took fourth at 4%. Of the country's imported crude oil, 60% originated from Canada, 10% from Mexico, and 7% from Saudi Arabia, respectively.

Since the halt in crude Oil Exports from the northern Iraqi oilfields and the semi-autonomous Iraqi region of Kurdistan in March 2023, Iraq's overall exports have decreased.

This post first appeared on Iraqi Dinar US Rates News, please read the originial post: here

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30.5% Increase in Iraq's Oil Exports to the U.S.


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