Iraq exports $3.44bn worth of oil to the US in first 7 months of 2023

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Iraq exports $3.44bn worth of oil to the US in first 7 months of 2023

During the first seven months of 2023, Iraq, the United Arab Emirates, Kuwait, Saudi Arabia, and Libya collectively exported 141.041 million barrels of crude oil to the United States, amounting to a total value of $10.078 billion. These official statistics shed light on the significant oil trade between these five Arab nations and the United States.

In 2023, Iraq’s oil exports amounted to 47.15 million barrels valued at $3.44 billion. During the seventh month of that year, the country exported 5.992 million barrels valued at roughly $424.97 million.

According to information compiled by the US Department of Commerce, The Kingdom of Saudi Arabia ranked first among the top five nations with the highest number of exports. It exported crude oil worth $6.63 billion, which is equivalent to about 81.525 million barrels. In July last year, the country exported oil valued at $946.11 million, which translates to 12.16 million barrels.

In the seventh month, Libya shipped approximately 7.301 million barrels of oil worth $627.45 million to the United States, making it the third-largest oil exporter. Meanwhile, Kuwait exported over 3,634,000 barrels of oil worth $279.73 million to the United States, with an additional 819,000 barrels in July. The UAE ranked last in oil exports to America, as it didn’t ship any oil during May, June, and July of 2023, despite having a total oil import of 1.427 million barrels worth $123.169 million for the year up until those two months.