logo
Iraq's oil export volume to US falls by 21,000 bpd

Iraq's oil export volume to US falls by 21,000 bpd

Shafaq News5 hours ago

Shafaq News/ Iraq's crude oil exports to the United States dropped last week, according to data released by the US Energy Information Administration (EIA) on Sunday.
The EIA reported that total US crude imports from nine major suppliers averaged 5.491M barrels per day (bpd) during the past week—down by 309,000 bpd from the previous week's 5.800M bpd.
Iraqi oil exports to the US averaged 214,000 bpd, a decline of 21,000 bpd compared to the 235,000 bpd recorded the previous week.
Canada remained the top exporter to the US, shipping an average of 3.519M bpd, followed by Saudi Arabia (578,000 bpd), Brazil (409,000 bpd), and Mexico (387,000 bpd). Both Colombia and Iraq each contributed 214,000 bpd.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Iraqi expert: Turkiye using water as leverage in trade
Iraqi expert: Turkiye using water as leverage in trade

Shafaq News

time3 hours ago

  • Shafaq News

Iraqi expert: Turkiye using water as leverage in trade

Shafaq News/ Turkiye is increasingly linking access to water resources with trade flows to Iraq, raising concerns about the potential long-term impact on the country's agriculture, industry, and economic independence, according to Manar al-Obaidi, head of the Future Iraq Foundation. In a Facebook post, al-Obaidi referenced comments by Gursel Baran, chairman of the Ankara Chamber of Commerce, who outlined a shared objective between Baghdad and Ankara to raise bilateral trade to $30 billion annually, with Turkish exports expected to make up more than 90% of the total. While Baran did not provide details on when or where this target was set, al-Obaidi interpreted the figures as reflecting Ankara's growing view of Iraq as a key export market. He also pointed to a shift in the bilateral relationship's framework. The longstanding concept of 'oil for water,' he observed, appears to be evolving into a new arrangement he described as 'imports for water,' in which increased Iraqi imports from Turkiye could influence the volume of water released from Turkish dams. Under this emerging arrangement, al-Obaidi cautioned that Iraq faces limited options: either tolerate reduced water flows, which he described as 'unacceptable,' or increase imports from Turkiye in the 'hope of securing more favorable water releases.' He further urged the Iraqi government to clarify its position by either publicly rejecting the proposed trade target or disclosing details of any formal agreement with Turkiye, if one exists.

Iraq's closet goes Turkish: A trade story
Iraq's closet goes Turkish: A trade story

Shafaq News

time3 hours ago

  • Shafaq News

Iraq's closet goes Turkish: A trade story

Shafaq News/ Turkish clothing maintains a commanding presence in Iraqi markets, fueled by strong consumer demand, geographic proximity, and growing confidence in product quality. This retail dominance mirrors a broader economic convergence, as Baghdad and Ankara aim to boost annual trade to $50 billion—a target shaped by both strategic priorities and market momentum. Threads of Diplomacy Turkish brands are deeply woven into malls and markets across Baghdad, Basra, Kirkuk, the Kurdistan Region, and the south. Their ubiquity signals more than popularity—it reflects increasing economic interdependence, particularly in textiles, where Turkiye has emerged as a leading supplier. This alignment is rooted in post-2003 trade growth, when Turkish exports to northern Iraq surged, laying the foundation for a durable commercial partnership. Momentum has since accelerated. Recent high-level visits by Prime Minister Mohammed Shia al-Sudani to Ankara and President Recep Tayyip Erdogan to Baghdad produced a series of agreements in infrastructure, energy, and trade. Among the most ambitious is the Development Road project, a $17 billion initiative linking Iraq's Grand Al-Faw Port to Turkiye via rail and highway corridors. Envisioned as a strategic transit route, the corridor is expected to diversify Iraq's economy and enhance regional connectivity. Security cooperation has also strengthened. Iraq's recent decision to classify the Kurdistan Workers' Party (PKK) as a 'terrorist group' was welcomed by Ankara, marking closer coordination on regional threats. Turkish Textiles Take Over The apparel sector stands out as a pillar of Iraq-Turkiye commerce. In 2023, Iraq imported approximately $798 million in Turkish textiles, making Turkiye its second-largest supplier after China. Turkish garments now represent nearly 90% of clothing in Iraqi shopping centers, according to Nawaf Qilij, Head of the International Association of Industrialists and Businessmen in Turkiye. Imports rose sharply across several categories. Women's suits, jackets, and knitted wear posted increases of 10% to 40% between 2022 and 2023, while T-shirts and vests climbed by over 30%. 'This clothing has become part of Iraq's daily consumption,' observed Saadoun Abbas of the Iraqi Chambers of Commerce, pointing to a blend of high demand and trusted quality. Trader Yashar al-Bayati, who works in the New Baghdad Market, told Shafaq News that Iraqi customers now recognize Turkish fabrics for their superior cotton, intricate embroidery, and contemporary designs. 'Turkish winter wear, in particular, sells quickly because it lasts longer compared to Chinese or locally made products.' Despite strong imports, Iraq's textile exports to Turkiye remain limited—just $896,000 in 2023—highlighting a significant trade imbalance. Still, demand for Turkish goods continues, driven by price competitiveness. Consumer habits reinforce this pattern. Kirkuk-based civil servant Hanaa Jassim said she prefers Turkish brands for her children due to 'comfort, elegance, and longevity.' Even higher-end women's suits, some priced up to $200, remain in demand for their lasting quality. Bottlenecks and Barriers Structural challenges continue to limit the full potential of Iraq-Turkiye textile trade. The Khabur border crossing, currently the sole trade corridor, is overwhelmed by more than 2,000 trucks daily, creating a serious bottleneck. Industry voices have urged the opening of additional border points to alleviate congestion and streamline logistics. Complicating matters are visa restrictions that hinder Turkish businesspeople from accessing key Iraqi provinces, slowing distribution and limiting market penetration. Meanwhile, Iraq's domestic textile sector is struggling to stay afloat. Burdened by rising production costs, limited state support, and weak tariff protections, local manufacturers face mounting pressure from Turkish imports. Speaking to our agency, clothing trade expert Hussam Jamal cautioned that unchecked dependence on foreign apparel could further erode Iraq's production base. Yet, he recognized Turkiye's advantage, citing modern design and strong consumer demand as drivers of dominance. 'The apparel sector,' he concluded, 'remains one of the most dynamic areas of Iraqi-Turkish economic cooperation.'

Iraq's oil export volume to US falls by 21,000 bpd
Iraq's oil export volume to US falls by 21,000 bpd

Shafaq News

time5 hours ago

  • Shafaq News

Iraq's oil export volume to US falls by 21,000 bpd

Shafaq News/ Iraq's crude oil exports to the United States dropped last week, according to data released by the US Energy Information Administration (EIA) on Sunday. The EIA reported that total US crude imports from nine major suppliers averaged 5.491M barrels per day (bpd) during the past week—down by 309,000 bpd from the previous week's 5.800M bpd. Iraqi oil exports to the US averaged 214,000 bpd, a decline of 21,000 bpd compared to the 235,000 bpd recorded the previous week. Canada remained the top exporter to the US, shipping an average of 3.519M bpd, followed by Saudi Arabia (578,000 bpd), Brazil (409,000 bpd), and Mexico (387,000 bpd). Both Colombia and Iraq each contributed 214,000 bpd.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store