Iraq exported more than 54 million barrels of crude oil and its derivatives to the United States in the first seven months of 2024, according to the Energy Information Administration (EIA) on Monday.
Over the course of seven months, Iraq exported 54,917,000 barrels of oil and its derivatives, as stated in the EIA report. Exports increased from 8,600,000 barrels in June to 8,868,000 barrels in July, the report stated.
During the same seven-month period, OPEC exported 270,853,000 barrels of crude oil and its derivatives to the US, with Saudi Arabia taking the lead with 79,402,000 barrels.
In recent years, Iraqi oil exports to the United States have increased significantly, reaching record levels in some months. Iraq’s ability to produce more oil and rising global demand are two factors contributing to this expansion.
For the purpose of bolstering economic ties, stabilizing oil markets worldwide, and supplying energy to the US and global economies, the oil trade relationship between Iraq and the United States is essential.
It is important to note that Iraq, the second-largest OPEC producer after Saudi Arabia, sends 25% of its crude oil to Europe, 15% to the United States, and 60% to Asia.
