US Oil Imports: A Noticeable Decline in Iraqi Exports
On Saturday, the US Energy Information Administration (EIA) reported a sharp decline in oil exports from Iraq to the United States over the past week.
According to the EIA’s latest data, American crude oil imports from the ten principal supplying countries averaged 6.050 million barrels per day, marking an increase of 69,000 barrels per day from the previous week’s 5.981 million barrels per day. However, this rise was overshadowed by a notable drop in Iraqi oil shipments to the U.S., which fell to 99,000 barrels per day—a decrease of 237,000 barrels compared to the prior week’s figure of 336,000 barrels daily.
The report highlighted that Canada remained the largest supplier of oil to the U.S., averaging 4.063 million barrels per day, followed by Saudi Arabia at 488,000 barrels per day, Libya at 324,000 barrels per day, and Brazil contributing an average of 254,000 barrels per day. Additionally, the data indicated the significant contributions of several other nations, as shown below:
| Country | Barrels per Day |
|---|---|
| Canada | 4,063,000 |
| Saudi Arabia | 488,000 |
| Libya | 324,000 |
| Brazil | 254,000 |
| Venezuela | 214,000 |
| Ecuador | 157,000 |
| Nigeria | 152,000 |
| Colombia | 150,000 |
| Mexico | 149,000 |
This comprehensive analysis underscores the shifting dynamics of the U.S. oil import market, demonstrating Canada’s dominance while reflecting the declining role of Iraqi oil in meeting U.S. needs. The decrease in Iraqi exports raises questions about the future of its oil market position, especially given the competitive landscape presented by other oil-exporting countries.
