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US report: Saudi Arabia is losing oil markets to Iraq and Iran


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US report: Saudi Arabia is losing oil markets to Iraq and Iran

Post by rocky on Wed Oct 11, 2017 4:49 pm

US report: Saudi Arabia is losing oil markets to Iraq and Iran

13:28 - 11/10/2017

Information / Baghdad ..
The Bloomberg news website highlighted the current economic conflict between Saudi Arabia on the one hand and Iraq and Iran on the other hand over oil exports. Baghdad and Tehran boosted their exports for September, exploiting the slowdown in their rivals' exports to gain a foothold in both markets. Chinese and American.
Bloomberg data showed that Iraq exports 3.98 million barrels of crude oil per day, the highest increase since last December, while Iran's exports rose to 2.28 million barrels per day, the highest since February, while the oil exports of the Saudi regime to 6.68 million barrels per day , Its second-largest drop since the beginning of this year.
The report said that the steps of Iraq and Iran to take a share in the oil market, reveal the internal tensions in OPEC, as the Saudi Oil Minister said that Saudi Aramco will reduce its oil supplies to its customers sharply unprecedented.
According to Richard Malinson, an oil analyst at the Energy Impact Foundation in London, Iraq and Iran seize the opportunity to sell their oil in markets that no longer receive Saudi export volumes themselves, "whose exports have declined over the past months."
The report pointed out that Saudi Arabia had pledged in May to reduce its exports to the United States, pointing to the decline of Saudi oil exports to the United States between March and August, while Saudi exports in general reached a low level in 34 months, and was less than one million barrels for the year the past.
The report added that Iraq reached its exports to the United States in September to 871 thousand barrels of crude oil per day, surpassing Saudi Arabia for the second consecutive month; Iraq has shipped almost crude oil to America equivalent to the volume of oil exported by Saudi Arabia in August last unit.
The report pointed to the superiority of Iraq to Saudi Arabia in the export of oil to India, which sold them large quantities of crude oil for seven consecutive months this year, the average sales of Iraq's oil to India about 794 thousand barrels of oil per day in 2017, compared to 783 thousand barrels Daily issued by Saudi Arabia to India.
The report pointed out that Iran began chasing Saudi Arabia in the sale of oil to China, adding that the Saudi exports to Beijing amounted to 833 thousand barrels per day, while Iran's exports of 600 thousand barrels per day; Iran, the third largest oil producer in OPEC, , After lifting sanctions in January 2016.
Robin Mills, CEO of Qamar Energy, expects oil exports to rise in the coming months as output rises, adding that Iran is slowly cutting the Saudis' share of the oil market if the Saudis continue to cut production. Ending / 25

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