The U.S. more than doubled its imports of oil from Iraq between August and September, according to a Platts analysis of U.S. Energy Information Administration statistics.

The dramatic increase in Iraqi oil imports is only adding to the already-massive supply glut that has pushed down oil prices. Crude oil prices sank to a four-month low of $40.06 a barrel this week and they're down 12% in November alone.

ISIS jitters fail to lift oil

The increase in Iraqi oil imports comes at a time of heightened concerns about security in the volatile Middle East region. France, U.S. and Russia have stepped up airstrikes in Syria aimed at destroying ISIS following the terrorist group's attacks in Paris last week.

Typically, such events spark fears of supply disruptions and send oil prices soaring. But this time, that didn't happen.

The reality is that there's actually too much Middle Eastern oil to worry about supply disruptions.

"There is just a global glut out there," said Luciano Battistini, managing editor at Platts.