Iraq exports over 8 million barrels of oil to US in May

The US Energy Information Administration announced on Tuesday that Iraq exported more than eight million barrels of both crude oil and derivatives to the United States during May.

Iraq’s exports of oil to the United States last May reached 8.46 million barrels, a decline of nearly 2.52 million barrels compared to April, when Iraq’s oil exports to the US reached 10.51 million barrels, Shafaq News reported.

The US Energy Information Administration also stated that OPEC’s crude oil shipments to the US in May were 47.34 million barrels, with Saudi Arabia being a key provider of oil, shipping approximately 15.69 million barrels during the same month.

Iraqi oil shipments to the United States have increased significantly in recent years, with export figures hitting record levels in certain months, partly because of Iraq’s ability to boost oil production and, more broadly, because of rising worldwide demand for oil.

Trade relations between Iraq and the United States are significant for improving economic ties between the two countries. It also contributes to global oil market stability and energy supply in the United States and worldwide economies.