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Imports of Crude into USA from Saudi Arabia and Iraq Experienced an Increase, Yet OPEC Agreement May Follow Decrease

But the recent development in oil markets, including OPEC decision to reduce production an d the prices' differences between Dubai and Oman

Baghdad/ Iraq TradeLink: According to published US Energy Department, the US oil imports from Iraq and Saudi Arabia were increased in the past period, in comparison to its previous oil imports in 2014 and 2015.

But the recent development in oil markets, including OPEC decision to reduce production an d the prices' differences between Dubai and 
Oman crude oil, its is expected that the American refineries may "not be interested to import oil from Iraq and Saudi Arabia".

Source:Iraq TradeLink


B
aghdad/ Iraq TradeLink: According to published US Energy Department, the US oil imports from Iraq and Saudi Arabia were increased in the past period, in comparison to its previous oil imports in 2014 and 2015.

But the recent development in oil markets, including OPEC decision to reduce production an d the prices' differences between Dubai and 
Oman crude oil, its is expected that the American refineries may "not be interested to import oil from Iraq and Saudi Arabia".

Source:Iraq TradeLink



But the recent development in oil markets, including OPEC decision to reduce production an d the prices' differences between Dubai and 
Oman crude oil, its is expected that the American refineries may "not be interested to import oil from Iraq and Saudi Arabia".

Source:Iraq TradeLink


Iraq and Saudi Arabia are the main exporters to the US refineries
Iraq and Saudi Arabia are the main exporters to the US refineries
Iraq and Saudi Arabia are the main exporters to the US refineries
Iraq and Saudi Arabia are the main exporters to the US refin

U.S. crude oil imports from Saudi Arabia and Iraq, two of the United States’ main sources for imported crude oil, have risen since reaching relatively low points in 2014 and 2015. On a combined basis, crude oil imports from these countries are the highest since late 2012. However, recent market developments, including the November 2016 agreement among certain members of the Organization of the Petroleum Exporting Countries (OPEC) to reduce production and the recent widening of price differences between Dubai/Oman crude oil and U.S.-produced Mars crude oil, suggest that U.S. imports from Saudi Arabia and Iraq are now becoming less attractive to U.S. refiners.
In late 2016, high production in Saudi Arabia and Iraq, as well as seasonally low internal demand in Saudi Arabia, contributed to record crude oil exports from Iraq and near-record exports from Saudi Arabia, according to data from the Joint Organizations Data Initiative (JODI). Saudi crude oil exports reached 8.3 million barrels per day (b/d) in November 2016, the highest level since May 2003, before declining to 8.0 million b/d in December. Saudi exports generally increase from August to November as seasonal declines in domestic consumption increase availability of crude oil for export.


In Iraq, exports reached a record high of nearly 4.1 million b/d in November 2016 and remained at that level in December. According to JODI data, Saudi and Iraqi production levels were relatively high prior to the pledged January 2017 production cuts , with December 2016 volumes up 321,000 b/d and 700,000 b/d, respectively, from their year-ago levels, creating an opportunity to increase exports.

Source: US Department of Energy 

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