Iraqi oil exports to US drop in Q12024: expert
Shafaq News/ Iraq's oil exports to the United States witnessed a significant decline in the first quarter of 2024, economic expert Manar al-Obaidi revealed on Tuesday.
Data shared by al-Obaidi, who heads the Iraq Future Foundation for Economic Research, showed that Iraq exported 20.5 million barrels of oil to the US in Q1 2024, valued at $1.6 billion. This translates to a daily export rate of 170,000 barrels, marking a 30% decrease compared to the same period in 2023.
The decline in exports is attributed to several factors, including increased US production, rising global oil prices, and the diversification of US oil import sources.
Despite the drop, Iraq remains the eighth-largest oil supplier to the US, accounting for 2.66% of total US crude oil imports in Q1 2024. This share has decreased from 3.9% in the same period last year.
Canada remains the top oil supplier to the US, exporting 494 million barrels in Q1 2024, followed by Mexico, Saudi Arabia, Colombia, and Brazil.
The overall US crude oil import volume for Q1 2024 reached 771 million barrels, with a daily import rate of 6.4 million barrels and a total value of $53.2 billion. This represents a slight increase compared to Q1 2023.
