Economic Insight – Baghdad
The US Energy Information Administration (EIA) has reported that Iraq exported over 8 million barrels of crude oil and its derivatives to the United States in November 2024.
According to data released by the EIA, Iraq’s exports during November totaled approximately 8.51 million barrels, exceeding October’s figure of 6.8 million barrels.
The report revealed that crude oil exports from Iraq to the US for November comprised 6.718 million barrels, with the remaining 1.792 million barrels categorized as oil derivatives. This included 1.788 million barrels of heavy oils and 4,000 barrels of residual fuel oil.
In recent years, Iraqi oil exports to the United States have seen a significant increase, with some months achieving record levels. This growth is attributed to Iraq’s capacity to enhance its oil production in conjunction with rising global demand for oil.
The oil trade relationship between Iraq and the United States plays a critical role in strengthening the economic ties between the two nations. Additionally, it contributes to the stability of the global oil market and ensures energy supplies for both American and international economies.
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