Al-Sudani: We are working to create job opportunities, 4 MAY

  Al-Sudani: We are working to create job opportunities

Prime Minister, Muhammad Shiaa Al-Sudani, said that Iraq has begun to move to the stage of production and infrastructure construction.

Al-Sudani added that the government is working to stimulate the economy, create job opportunities, confront challenges, and consolidate sovereignty  link

Among them is Iraq. US oil imports from 5 Arab countries exceed $ 3.6 billion

Economy News - Follow-up

U.S. oil imports declined slightly in the first quarter of 2024, with five Arab countries, led by Saudi Arabia and Iraq, accounting for a share of nearly 8% of the world's largest oil consumer imports.

US crude oil imports amounted to about 572.29 million barrels (6.28 million barrels per day) during the first quarter of 2024, compared to 574.25 million barrels (6.38 million barrels per day) during the same period in 2023, according to recent data seen by the Energy Research Unit (based in Washington).

While the volume of US oil imports from Saudi Arabia, Iraq, Libya, Kuwait and the UAE reached about 45.2 million barrels during the first quarter of 2024, representing 7.9% of the total US imports during the first 3 months of this year.

The value of US imports from the 5 Arab countries reached about $ 3.68 billion during the first quarter of 2024, according to data collected and analyzed by the Energy Research Unit.

U.S. Oil Imports from Arab Countries

Saudi Arabia, as usual, came in first place in the list of the largest Arab oil exporters to the United States, with the volume of its exports reaching 25.43 million barrels during the first quarter of 2024, with a total value of $ 2.13 billion.

Iraq also ranked second with an export volume of 13.37 million barrels, or the equivalent of $ 1.02 billion, and Libya ranked third with exports reaching 3.67 million barrels, with a total value of $ 318.4 million.

The value of US oil imports from 5 Arab countries in the first quarter of 2024

On the other hand, Kuwait ranked fourth on the list, with exports to the United States amounting to about 1.74 million barrels during the first quarter of 2024, with a value equivalent to $ 126.5 million.

The UAE came in fifth place with exports of 0.99 million barrels during the first quarter, or about $81 million, according to the latest data from the U.S. Census Bureau.

The exports of the 5 Arab countries to the United States recorded 235 million barrels, or the equivalent of $ 19 billion, during 2023, equivalent to 10.1% of America's total imports of crude oil, according to annual data collected published by the Energy Research Unit on February 8.

Arab Oil Exports in March 2024

US oil imports from Saudi Arabia, Kuwait, the United Arab Emirates and Libya increased during March 2024, compared to the previous month (February), while imports from Iraq decreased.

The volume of Saudi oil exports to the United States rose to 9.82 million barrels in March 2024, compared to about 6.56 million barrels in February.

Libyan oil exports also rose to 2.06 million barrels during March 2024, compared to about 0.91 million barrels during the previous month.

The following graph - prepared by the Energy Research Unit - shows the volume of US oil imports from 5 Arab countries in the first quarter of 2024:

The volume of US oil imports from 5 Arab countries in the first quarter of 2024

Kuwait's exports to the United States also increased to 0.96 million barrels in March, after its absence from exports during the previous month, which was repeated in the case of the UAE, whose exports in March amounted to about 0.99 million barrels compared to zero in February 2024.

As for Iraq's exports, they fell to 4.06 million barrels during March 2024, compared to about 4.4 million barrels during the previous month, according to detailed data monitored by the Energy Research Unit from the US Census Bureau.

U.S. Oil Imports in March 2024

The volume of US oil imports increased by 2.7% month-on-month to 185.21 million barrels (5.97 million barrels per day) in March 2024, compared to 180.21 million barrels (6.21 million barrels per day) during the previous February.

While another side of the comparative data showed a decrease in US oil imports during March 2024 by 7% year-on-year compared to the same month (199.25 million barrels) of 2023.

The value of imports in March 2024 also decreased to $ 12.85 billion, despite the increase in the average price to $ 69.39 per barrel, compared to about $ 13.42 billion during the same month of 2023, when the average was $ 67.38 per barrel.

On the other hand, the volume of US crude oil exports decreased by 11.2% to 132.91 million barrels (4.28 million barrels per day) in March 2024, compared to 149.68 million barrels (4.82 million barrels per day) during the same month of 2023, according to another aspect of the data analyzed by the Energy Research Unit.