Iraq Sends Millions of Barrels of Oil to U.S. While Saudis Cut
- Flows are surging amid signs Saudi Arabia is honoring curbs
- Iraq now bigger supplier than Saudi to key Indian market
Ayers' Barratt Sees U.S. Oil Inventories Building
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Iraq is driving up crude oil exports to the U.S., the world’s second-biggest import market, just as there are signs Saudi Arabia is honoring a pledge to restrict such deliveries, according to tanker-tracking data.
The second-largest producer in the Organization of Petroleum Exporting Countries loaded 12 million barrels of crude for the U.S. in the first 13 days of this month, the tracking shows. That’s about 50 percent higher than the same period in either April or May. Comparable Saudi Arabian flows slumped by about half. Iraq isn’t fully complying with pledges to OPEC to curb production, the International Energy Agency said Tuesday.