Economy Update – Baghdad
The US Energy Information Administration (EIA) has recently disclosed that Iraq exported over 95 million barrels of crude oil and its derivatives to the United States during the year 2024.
According to a schedule released by the EIA, Iraq exported approximately 95 million and 246 thousand barrels in 2024, representing a decline compared to 115 million and 263 thousand barrels in the previous year.
The EIA noted that the peak export month was April, with a total of 10 million and 512 thousand barrels, while February recorded the lowest at 4 million and 680 thousand barrels.
Iraqi oil exports to the United States have seen a significant uptick in recent years, with several months reaching record figures. This growth can be attributed to Iraq’s increased oil production capabilities, alongside rising global oil demand.
The oil trade between Iraq and the United States is crucial in strengthening the economic ties between the two nations. This relationship also plays a vital role in stabilizing the global oil market and fulfilling energy needs for both American and international economies.
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