99GOLD.NET · Market brief · Economy & rates

Iraq's Oil Sales to America Fall to Lowest Since the 2003 War

U.S. imports of Iraqi crude oil have slumped this year to a multi-decade low, EIA data show, as the Strait of Hormuz crisis has choked international shipments from OPEC’s second-largest oil producer. U.S. imports have markedly dipped since March, to zero in several weeks this summer, after the closure of the Strait of Hormuz forced Iraq to slash its oil production. Iraq’s main outlet for its crude is through the Strait of Hormuz, while the pipeline north through Kurdistan can only carry about 500,000 barrels per day…