Iraq’s export of oil to US has almost doubled

According to Platts analysis of U.S. Energy Information Administration statistics, import of oil from Iraq has been raised by US significantly between August and September.
This dramatic increase in oil import is only adding to the already-massive supply glut that has pushed down oil prices. Notably, crude oil price hits the four month low of $40.06 a barrel.
Increase in Iraqi oil import has come at such a time, when security concerns are looming in Iraq, as well as in Middle East. Already, Russia, US and France have stepped up with massive airstrikes in Syria, aiming to destroy all traces of ISIS.
Though such events cause oil supply disruptions in Middle East nation, this time there was no disruption in supply.
Luciano Battistini, managing editor at Platts, mentioned that global glut is there in Iraq and other Middle East regions.
It's one of the reasons why global stock markets aren't freaking out.
Despite security concerns are oil price drop, Iraq has ramped up its oil production since last year. "Vigorous production" from OPEC countries like Iraq has created a "massive cushion" of 3 billion barrels of oil around the world, the International Energy Agency said.
Crude oil production of OPEC is expected to jump by nearly 1 million barrels per day this year. A large contribution will be made by Iraq in this increase of oil production. Platts expects more of that resurgent Iraqi oil output to make its way to the U.S.
It is noteworthy that refining oil at Middle East region is cheaper than refining in European countries.
Battistini said that the Gulf Coast offers best economics for oil. 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.
However, viewing on a large spectrum, one can find that the USA still imports more oil from non-Iraqi sources.
During the last week of October, the U.S. imported nearly 900,000 barrels per day from Saudi Arabia and almost 3 million from Canada.