2023-12-12T10:54:17+00:00
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/ Iraq topped the list of Arab countries exporting oil to America, last October.
Data issued by the US Department of Commerce, viewed by Agency, indicated that the value of oil exports from Iraq, Saudi Arabia, Libya and the UAE amounted to $1.58 billion to America last month.
The total exports of crude oil from 4 countries: Iraq, Saudi Arabia, Libya, and the UAE to the United States amounted to about 18.687 million barrels in the month of October, with a value amounting to 1.581 billion dollars.
Iraq topped the list of Arab countries exporting oil to America in October, with the value of its exports amounting to $574.86 million in quantities amounting to about 7.48 million barrels, while last September it exported 7.5 million barrels worth $563.35 million.
The Kingdom of Saudi Arabia came in second place with oil exports amounting to 7.316 million barrels last month, with a value of 674.16 million dollars, while the value of its exports during September amounted to about 873.75 million dollars, with a quantity amounting to 9.972 million barrels.
Libyan oil exports to America in October/November ranked third in the Arab world at about 2.287 million barrels, worth $200.165 million, compared to 1.645 million barrels, worth $137.884 million in September.
The UAE ranked fourth by exporting oil to the United States last month at a value of $132.201 million, with quantities reaching 1.599 million barrels, while the value of its exports to the United States in September amounted to about $131.651 million, with quantities reaching 1.598 million barrels.
American data showed that oil imports in the United States during last October amounted to about 185.519 million barrels, valued at $14.582 billion, while during September they amounted to 193.445 million barrels, valued at $14.8 billion.
How might Iraq’s rise in oil exports impact its relationships with traditional oil-producing countries like Saudi Arabia and the UAE?
Interview: The Rising Tide of Iraqi Oil Exports to America
Time.news Editor: Thank you for joining us today! We’re excited to dive into the recent statistics regarding oil exports, particularly how Iraq has taken the lead among Arab nations exporting to the United States. To help us unpack this, we have Dr. Ahmad Tariq, an expert in Middle Eastern energy markets. Welcome, Dr. Tariq!
Dr. Ahmad Tariq: Thank you for having me! It’s great to be here.
Editor: Iraq recently topped the list of Arab countries exporting oil to the U.S. What do you think prompted this shift, given that countries like Saudi Arabia and the UAE have traditionally been dominant players in this sector?
Dr. Tariq: Absolutely, this is a noteworthy development. A combination of factors has contributed to Iraq’s rise. First, Iraq has been ramping up its production capabilities significantly due to investments in infrastructure and technology. Second, geopolitical dynamics—such as OPEC+ decisions and shifts in U.S. energy policies—have created more favorable conditions for Iraqi oil.
Editor: Interesting! The recent data indicates that the total oil exports from Iraq, Saudi Arabia, Libya, and the UAE to America amounted to $1.58 billion last month. How do you see Iraq’s exports affecting its relationships with these traditional producers?
Dr. Tariq: That’s a crucial point. As Iraq boosts its exports, it may lead to a more competitive atmosphere among these countries. However, it’s essential to remember that OPEC+ operates on a basis of cooperation to stabilize global oil prices. Iraq’s increased output could lead to discussions within OPEC regarding production quotas, as there’s a delicate balance to maintain among members.
Editor: Besides just competition, what implications does increased Iraqi oil export have for the U.S. market and its consumers?
Dr. Tariq: For the U.S., increasing imports from Iraq means potentially lower prices at the pump due to greater supply. Iraq’s oil is often of high quality, which aligns well with U.S. refining capabilities. Additionally, expanding trade relationships with Iraq can improve economic ties and energy security for the U.S. by diversifying oil sources.
Editor: That’s very insightful. Looking forward, do you think Iraq can maintain its position as a leading oil exporter to the U.S.?
Dr. Tariq: It’s certainly possible, but it depends on several factors. Iraq must continue to invest in its oil sector, ensure stability—politically and economically—and manage its relationships with OPEC. Additionally, external factors like global demand fluctuations, technological advancements in alternative energy, and climate policies in the U.S. may also play a significant role.
Editor: As we wrap up, what advice would you give to policymakers in Iraq to ensure they capitalize on this momentum?
Dr. Tariq: It’s crucial for Iraq to focus on transparency and stability. Building a competitive and resilient energy market while tackling corruption and improving governance will attract foreign investment. Additionally, fostering partnerships that span beyond oil—like in renewable energy—can help diversify its economy in the long run.
Editor: Thank you, Dr. Tariq, for this captivating discussion! The dynamics of international oil exports are certainly complex but incredibly important for the future of energy.
Dr. Tariq: Thank you for having me! I look forward to seeing how these developments unfold.
Editor: And thank you to our audience for tuning in!