The amount of oil Iraq supplies to the United States has hit a high in recent months.
The U.S. more than doubled its imports of oil from Iraq between August and September, according to a Platts analysis of U.S. Energy Information Administration statistics.
The dramatic increase in Iraqi oil imports is only adding to the already-massive supply glut that has pushed down oil prices. Crude oil prices sank to a four-month low of $40.06 a barrel this week and they’re down 12% in November alone. The U.S. imported 521,000 barrels of Iraqi oil per day during the final week of October. That was up from zero during several weeks in August.
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