U.S. Begins Importing Iraqi Oil

9 Jun 2017   Iraq, USA

The United States has begun importing Iraqi oil at a rate of 1.1 million barrels per day to replace export cuts announced by Saudi Arabia late last month , new figures compiled by Bloomberg show. New data from the Department of Energy suggests that during the first week of June, Iraqi oil entered the U.S. at the quickest rate in the past five years – marking the first time the nation’s exports exceeded those from Saudi Arabia over the same time period. In late May, Riyadh announced its plans to purposely reduce exports to the United States to force a reduction in the latter’s sizeable inventories, which are preventing a greater rise in global oil prices, according to Saudi Oil Minister Khalid Al-Falih. Earlier that same month , Saudi Aramco said it would cut crude supplies to China, South Korea, and South East Asia by 1 million barrels each. […]

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