The U.S currently imports a small amount of crude oil from Iraq.
In November 2002, Iraq supplied 380,000 barrels per day of crude oil to the U.S. For the entire year, Iraq supplied about 450,000 barrels per day to the U.S. or less than 3 percent of U.S. oil consumption.
Iraq provides roughly the same percentage of total world oil consumption.
Because of Iraq’s voluntary cutoff of oil exports for a month in 2002 and problems with the U.N. Oil for Food pricing policy, Iraq’s reliability as a supplier has declined.
A cutoff of Iraqi supplies could be filled by other oil producers, as there is sufficient spare capacity to produce oil in greater amounts than Iraq supplies.
Spare capacity is the amount of additional crude oil that could be introduced into the world’s market immediately. Saudi Arabia alone has 2.0 to 2.5 million barrels per day of spare capacity.