How will more Iraqi oil affect Oklahoma producers?

When President Obama cut his deal with Iran, Oklahoma oil producers feared an increase of oil from the country would harm the price of oil.

Now Iraq is wanting to increase crude exports. But Iraq is considered an ally of the U.S. Still, the country wants to up the amount of oil it sells to the rest of the world.

Iraq’s leaders say the country is ready to ship more as soon as OPEC agrees how members will share a collective supply cost, according to a report in Bloomberg News.

Iraq’s exports will approach 3.595 million barrels a day this month, up from the 3.54 million barrels a day it exported last month.

Oil makes up most of Iraq’s products that are exported.

  1. Mineral fuels including oil: US$63 billion (97.5% of total exports)
  2. Gems, precious metals: $1.4 billion (2.2%)
  3. Fruits, nuts: $43.3 million (0.1%)
  4. Woodpulp: $32.9 million (0.1%)
  5. Raw hides, skins not furskins, leather: $26.4 million (0.04%)
  6. Machinery including computers: $14.5 million (0.02%)
  7. Plastics, plastic articles: $11.1 million (0.02%)
  8. Aluminum: $6.5 million (0.01%)
  9. Electrical machinery, equipment: $5.9 million (0.01%)
  10. Articles of iron or steel: $3.5 million (0.01%)

Iraq’s top 10 exports accounted for 99.9% of the overall value of its global shipments, a metric showing that Iraqi export products are heavily concentrated particularly around petroleum-related products.