Shafaq News/ On Monday, the US Energy Information Administration (EIA)announced that Iraq exported over 54 million barrels of crude oil and itsderivatives to the United States during the first seven months of 2024.
According to the EIA report, Iraq exported 54,917,000 barrels ofoil and its derivatives over seven months. “In July, exports totaled 8,868,000barrels, marking an increase from June's exports of 8,600,000 barrels,” itsaid.
OPEC's exports of crude oil and its derivatives to the US totaled270,853,000 barrels during the same seven-month period, with Saudi Arabialeading at 79,402,000 barrels.
Iraqi oil exports to the US have seen a significant increase inrecent years, with some months reaching record levels. This growth is partly due to Iraq'sability to increase its oil production and rising global demand.
The oil trade relationship between Iraq and the US is crucial forstrengthening economic ties, stabilizing global oil markets, and supplyingenergy to the US and world economies.
It is worth noting that Iraq, the second-largest producer in OPECafter Saudi Arabia, exports 60% of its crude oil to Asia, 25% to Europe, and15% to America.