On Tuesday, the US Energy Information Administration (EIA) reported that Iraq exported over 8 million barrels of crude oil and its derivatives to the United States in May 2024. The data highlights a key component of the ongoing trade relationship between the two nations.

In May, Iraq exported 8.46 million barrels of crude oil to the US, marking a decrease of 2.52 million barrels from April’s exports, which totaled 10.512 million barrels. Despite this decline, Iraq remains a significant supplier of crude oil to the United States.

The EIA also noted that the total oil and product exports from OPEC countries to the US in April amounted to 47.348 million barrels, with Saudi Arabia leading the exports at 15.69 million barrels. Iraq's contribution to these figures underscores its role within OPEC and its importance to the US energy market.

Iraq’s oil exports to the US have seen significant growth in recent years. This growth is driven by increased production capacity in Iraq and rising global demand for oil, reflecting Iraq's expanding influence in the global energy sector.

The oil trade relations between Iraq and the US play a crucial role in strengthening economic ties between the two countries. They also contribute to global oil market stability and ensure a steady energy supply for both American and international economies.

These developments highlight the ongoing interdependence of global energy markets and the strategic importance of Iraq's oil production to the US and beyond.