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Sat. Mar 2nd, 2024

The US Energy Information Administration (EIA) declared that Iraq’s oil exports to the United States surged past the five million barrels mark in January. The comprehensive data provided by the EIA indicates that Iraq exported a total of 5.38 million barrels during the month, averaging a daily shipment of 173,000 barrels.

Comparing these figures to December 2023, Iraq experienced a marginal decline in oil exports to the US. In December, the country exported 5.61 million barrels with an average daily export of 193,000 barrels. Despite the slight dip, Iraq remains a significant player in the global oil market.

The breakdown of Iraq’s oil exports reveals interesting patterns throughout January. During the first week, Iraq maintained a robust average of 192,000 barrels per day. However, this number decreased significantly in the second week, plummeting to 64,000 barrels per day. The subsequent weeks saw a rebound, with averages of 206,000 barrels per day in the third week and 205,000 barrels per day in the fourth week.

Among the nations exporting oil to the United States, Iraq secured the fifth position, trailing behind Canada, Mexico, Saudi Arabia, and Brazil. Notably, Iraq stands as the second-largest Arab exporter of oil to the US, following closely behind Saudi Arabia, which exported a substantial nine million barrels during the same period.

Canada emerged as the leading oil supplier to the United States, with Mexico following closely behind. The intricate dynamics of oil exports between these nations underscore the intricate geopolitical and economic relationships shaping the global energy landscape. As Iraq continues to play a pivotal role in the oil market, fluctuations in its export numbers warrant close attention, impacting not only the country’s economic stability but also the broader energy sector.

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