Iraq exports over 54M barrels of oil to US in first 7 months of 2024: EIA

Shafaq News/ On Monday, the US Energy Information Administration (EIA) announced that Iraq exported over 54 million barrels of crude oil and its derivatives to the United States during the first seven months of 2024.

According to the EIA report, Iraq exported 54,917,000 barrels of oil and its derivatives over seven months. “In July, exports totaled 8,868,000 barrels, marking an increase from June's exports of 8,600,000 barrels,” it said.

OPEC's exports of crude oil and its derivatives to the US totaled 270,853,000 barrels during the same seven-month period, with Saudi Arabia leading at 79,402,000 barrels.

Iraqi oil exports to the US have seen a significant increase in recent years, with some months reaching record levels. This growth is partly due to Iraq's ability to increase its oil production and rising global demand.

The oil trade relationship between Iraq and the US is crucial for strengthening economic ties, stabilizing global oil markets, and supplying energy to the US and world economies.

It is worth noting that Iraq, the second-largest producer in OPEC after Saudi Arabia, exports 60% of its crude oil to Asia, 25% to Europe, and 15% to America.