Iraqi oil exports to the United States saw a sharp drop last week. The average daily export of Iraqi crude reached just 214,000 barrels per day. That marked a significant drop in Iraqi oil exports compared to the previous figure of 273,000 barrels per day.
This steep fall of 59,000 barrels per day raised eyebrows in oil markets. While the total US crude imports slightly increased, Iraq’s share declined noticeably. This change highlights shifting patterns in the global oil supply chain.
Meanwhile, total US crude imports from nine major countries averaged 5.368 million barrels per day. This marked a modest rise of 17,000 barrels per day from the prior week’s total of 5.351 million.
Canada once again topped the list of US crude suppliers. It exported an impressive 4.089 million barrels per day. This volume dwarfed Iraq’s share and reflected Canada’s solid energy ties with the US.
Nigeria secured second place, exporting 250,000 barrels per day to the US. Saudi Arabia came next with 223,000 barrels per day. Both surpassed Iraq’s latest volume. Mexico also remained a key supplier, shipping 172,000 barrels per day.
Colombia followed with 165,000 barrels per day, while Ecuador exported 98,000 barrels per day. Libya added 87,000 barrels per day to the US market, and Brazil shipped 70,000 barrels per day.
Interestingly, the US imported no crude oil from Venezuela during the period. That absence reflected continuing tensions or limited production capacity from the South American producer.
The significant drop in Iraqi oil exports to the US could stem from a variety of factors. Shipping delays, shifting contracts, or strategic reserves management may all play a role. Iraq may also be redirecting more crude to Asia or Europe due to better pricing or stronger demand.
Additionally, US refiners could be seeking to diversify sources. They might favor suppliers offering better pricing or logistical benefits. This could reduce reliance on specific countries, including Iraq.
Still, Iraq remains an important oil partner. Market observers will watch future data closely to assess if this drop was temporary or part of a longer trend.
The significant drop in Iraqi oil exports may have wider implications. Lower volumes could impact Iraq’s revenues and budget. Meanwhile, US refineries may need to adjust blending strategies or supply chains.
In conclusion, Iraq’s crude exports to the US dropped significantly. Although the total US oil imports increased, the significant drop in Iraqi oil exports remains a critical headline. This change underscores the complexity and volatility of the global oil market.