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The multiplicity of oil export destinations maximizes revenues
Economical 06/19/2023
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Economic circles welcomed the multiplicity of Iraqi oil markets in various parts of the world and the role of this flexibility in exporting to many destinations in continuing demand at all times, and ensuring oil financial revenues, at a time when the US Energy Information Administration announced, yesterday, Sunday, that Iraq’s oil exports to America exceeded 250 thousand barrels. as a daily average to become the fourth largest exporter to America during the past week.
Haider Kazem al-Baghdadi, a specialist in economic affairs, pointed out that "world events and the Russian-Ukrainian war confused the reality of the oil market, and some countries lost their markets, which leads to the need to work towards creating flexibility in exporting crude oil in anticipation of any emergency in the field of crude export."
He pointed out that "the multiplicity of export destinations is very important, after some countries reviewed their accounts and turned to sources of crude oil exposure at prices from global stock exchanges, for reasons far from international obligations, indicating that Iraq's export policy requires expansion in destinations for Iraqi crude." Bashir Muhammad Ahmed, a specialist in economic affairs, stressed that "the reality of the oil market requires work with caution, as work requires ensuring Iraqi oil flows towards global markets because it is the most important source of revenue in the country, and although demand will remain within its current levels, due to the lack of strategic storage for most countries during the past years." However, Iraq is in dire need to secure new markets.” And he indicated that “Iraq has great economic relations with various countries of the world, especially in the trade joint, which can be invested in creating new markets for Iraqi crude and making them new export destinations.”
In addition, the US Energy Information Administration announced, yesterday, Sunday, that Iraq’s oil exports to America exceeded 250,000 barrels on a daily average, becoming the fourth largest exporter to America during the past week. The administration said in a press report that “the average US imports of crude oil during the past week are from eight countries.” It amounted to 5.562 million barrels per day, up by 265 thousand barrels per day compared to the previous week, which amounted to 5.297 million barrels per day. And in which oil exports to America reached an average of 430 thousand barrels per day, and thus Iraq ranks fourth among the largest oil exporters to America during the past week.
The administration also indicated that "most of America's oil revenues during the past week came from Canada at a rate of 3.339 million barrels per day, followed by Mexico at an average of 845 thousand barrels per day, and oil revenues from Saudi Arabia amounted to an average of 677 thousand barrels per day, then Colombia at a rate of 184 thousand barrels per day." According to the report, "the amount of US imports of crude oil from Nigeria amounted to 132 thousand barrels per day, from Brazil 79 thousand barrels per day, and from Ecuador 54 thousand barrels per day, while it did not import any quantity from Russia or Libya."
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