Iraq surpassed Saudi Arabia in supplying America with oil
By rami - October 28, 2017 24 0
Iraq has surpassed Saudi Arabia in supplying oil to the United States in September the Bloomberg news agency said, citing its readiness to repeat this month again
Iraq’s exports to the United States in October have exceeded 3.2 million barrels so far
Iraq is bypassing Saudi Arabia in supplying the United States with oil the report said on its Web site.
Iraqi oil shipments valued at 18.8 million barrels reached the United States last month, surpassing the exports of Saudi Arabia, the world’s largest oil exporter, by 2.9 million barrels,” the US Customs Office said
Information from the US Energy Data Administration showed that the kingdom has been the first oil exporter of the United States for the past quarter century
Iraq sent more than one million barrels of oil a day last week, an increase of 500,000 barrels per day from Saudi Arabia
This came as British oil company BP held talks with Iraq’s Oil Minister Jabbar al-Luaibi to boost the production of oil fields in Kirkuk, a week after Iraqi forces regained control of the city from Kurdish authorities
Al-Luaibi said the talks focused on an agreement under which BP would provide assistance to the state oil company to increase production of the Kirkuk oil field to more than 700,000 bpd
An Iraqi official said that the oil ministry will conduct a comprehensive assessment of all wells and other facilities in the province of Kirkuk, after the restoration of control by the federal government
Kirkuk oilfield is the oldest field in Iraq and is the second largest oil field in the world after the Ghawar field in Saudi Arabia in terms of production capacity while it is the fifth largest field in the world in size
The Kirkuk field is one of the important oil fields in Iraq, where it is estimated that the reserves of the field close to 10 billion barrels of oil of good quality
The maximum capacity of the field is one million barrels per day, but the average production over the past few years has fallen significantly, even dropped to about 150 thousand barrels per day only.
Iraq has the second largest oil reserves in the world, estimated to have about 140 billion barrels of recoverable oil, while conservatively estimated to be close to 74 billion barrels, but optimistic estimates talk about 220 billion barrels and most of Iraq’s oil fields are concentrated in the south And is exported through the port of Basra https://en.economiciraq.com/2017/10/28/iraq-surpassed-saudi-arabia-in-supplying-america-with-oil/