Iraqi Oil Imports to United States Register Absence Last Week

Data released by the US Energy Information Administration revealed a complete halt in United States crude oil imports from Iraq last week, after they had reached 107 thousand barrels per day in the preceding week. The data indicated that Canada topped the list of crude oil suppliers to the American markets, with its imports reaching 3.718 million barrels per day. Venezuela followed in second place with approximately 535 thousand barrels, then Mexico with 249 thousand barrels, Ecuador with 169 thousand barrels, and Brazil with 133 thousand barrels per day. The United States did not receive any oil imports from Iraq, Nigeria, or Libya during the mentioned period. The data further clarifies that Iraqi oil flows to America are characterized by periodic fluctuations; on May 8th, exports reached 100 thousand barrels per day, then declined to 67 thousand barrels by mid-month. Imports subsequently ceased entirely on May 22nd, before rising again to 107 thousand barrels on June 5th, only to halt once more in the week ending on the 12th of the same month. In a related context, the independent economic observatory "Eco Iraq" reported that Iraq incurred losses in its oil exports estimated at approximately 350 million barrels since the closure of the Strait of Hormuz, equivalent to about $37.7 billion. The observatory called for accelerating the implementation of the "New Levant" project as a strategic option to secure alternative export outlets and reduce reliance on maritime passages. In a press statement, the observatory mentioned that Iraq was exporting between 103 and 107 million barrels of crude oil monthly before the closure of the Strait of Hormuz on February 28th last year. The statement clarified that the closure of the Strait, due to the war in Iran, led to a significant decrease in exports. Losses amounted to 84.4 million barrels in March, 93.1 million barrels in April, and 92.8 million barrels in May. June recorded approximately 79.6 million barrels. "Eco Iraq" emphasized that this disparity in Iraqi exports during the specified period is estimated at 350 million barrels, representing lost export opportunities valued at approximately $37.7 billion, based on average oil prices during that period.