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[size=30]Reuters: Iraq benefits from Saudi Arabia cutting its oil exports to America[/size]
14/11/2017 09:03 | Number of readings:
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Trend Press / Agencies
Saudi Arabia is making efforts to reduce the global oil supply gap by reducing shipments to the United States, which means that other producers, especially Iraq, will compensate for this shortfall in a general trend that may accelerate in the coming months, Reuters reported in a report on Tuesday.
Over the past summer, usually the most active period for crude shipments, US imports of Iraqi crude rose about 41 percent from last year, while shipments from Saudi Arabia fell 22 percent, according to Reuters.
This trend continues as data showed Clipper Data that Iraq's shipments to the largest refinery in the United States in October exceeded the Saudi Arabia for the first time in more than 30 years.
Data show that the kingdom's leading role in reducing global crude supply has also cost it a market share in the world's top oil consumer, with its share in US imports falling to its lowest level since 1985. US imports from Iraq and Nigeria, members of OPEC, , And US refineries became more dependent on the country's growing oil production.
"Every barrel that is not produced by Saudi Arabia loses a market share," said Sandy Felden, director of commodities and energy research at Morning Star. "Refineries are turning to an alternative in this situation and obviously Iraqis are benefiting."
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