Iraq has emerged as the second-largest oil exporter to the United States, surpassing traditional suppliers such as Saudi Arabia and Mexico, according to a recent report by the U.S. Energy Information Administration.
The announcement highlights a significant shift in the global energy supply chain, with Iraq’s state-owned Basra Oil Company (BOC) playing a pivotal role in this development.
The EIA reported that Iraq exported an average of 277,000 barrels of oil per day (bpd) to the United States last week, an increase of 40,000 bpd compared to the previous week.
This marked a notable achievement for Iraq, which now stands as one of the top suppliers of crude oil to the U.S., second only to Canada, whose exports averaged 4.08 million bpd during the same period.
In contrast, oil exports from Saudi Arabia to the United States fell to an average of 248,000 bpd, while Venezuela exported 267,000 bpd. Other suppliers included Brazil (227,000 bpd), Mexico (151,000 bpd), Nigeria (146,000 bpd), Colombia (142,000 bpd), and Ecuador (118,000 bpd).
The Basra Oil Company, responsible for managing Iraq’s southern oil fields and exports, has been instrumental in ensuring the steady flow of crude oil to international markets, including the U.S.
Under the leadership of Director General Bassem Abdul Karim, BOC claims that it has focused on optimizing production and expanding export infrastructure.
BOC also works with international partners to enhance its operational efficiency and competitiveness.
Recent collaborations include agreements with companies like Petrofac and TotalEnergies, which aim to bolster Iraq’s production capacity and energy infrastructure.
This rise in Iraqi oil exports reflects broader shifts in the global energy landscape. Geopolitical factors, such as adjustments in U.S. oil procurement strategies, competitive pricing by Iraqi oil producers, and declining imports from traditional suppliers like Saudi Arabia, have contributed to Iraq’s increased share in the U.S. oil market.
“To take full advantage of its oil sector, Iraq needs not only to boost capacity at fields but also to expand capacity of export infrastructure in the Basra Gulf,” says H.E. Abdul Karim.
Additionally, the U.S. has diversified its import sources, leaning on partnerships with countries like Iraq to meet energy demands.
Iraq’s position as the second-largest crude oil producer in OPEC underscores its growing importance in the global energy market.
With substantial proven reserves and ongoing efforts to enhance production and export capabilities, the country, through the Basra Oil Company, may continue to play a key role in shaping the dynamics of international oil trade.
