Iraq helps enormously?
Really? Let’s look at some numbers.
According to the article, Iraq is producing 2.5 mbd and the Iraq government thinks it can add another 0.4 mbd by the end of next year (meaning the end of 2013).
Oil exports from Iraq to the USA amounted to 0.41 mbd, or, 22% (see AER 2011http://126.96.36.199/totalenergy/data/annual/showtext.cfm?t=ptb0504). That’s actually down from to 0.63 mbd the USA imported from Iraq in 2008 and 0.79 mbd in 2001.
So, let’s consider the importance of that additional 0.4 mbd that may come online by the end of 2013. If 73% get exported that’s down to 0.29 mbd, and if 22% that exported amount goes to the USA, that’s 0.064 mbd.
And how does this compare to the USA’s consumption rate?
And how much oil does the USA presently get from Iran? Zero.
If Iraq ever does produce 10 mbd, the bulk of that oil will go to Asia, which has been the growing trend for at least the last decade.
– crash_watcher0 views