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Iraq's share in the world oil market
14:52 - 08/01/2018
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LONDON (Reuters) - Iraq's sluggishness in implementing the deal with the Organization of the Petroleum Exporting Countries (OPEC) has contributed to an increase in its share of the world market, raising its exports to China and the United States at the expense of Saudi Arabia, a Bloomberg report said on Monday.
"The gap of 530 thousand barrels per day in December 2016 between Saudi Arabia and Iraq in the field of export has shrunk to only 254 thousand barrels per day in November of 2017 with the increase of China's imports of oil The data showed a new decline in Saudi oil exports to China last December. "
"The OPEC deal is still solid so far, but blatant fraud in quota amounts can not allow the group to continue a long deal until the end of 2018," he said.
"In the past, Iraq was resisting production restrictions at a time when the country is recovering after decades of war and it was very slow to implement promised cuts," he said. "With seasonal demand rising in the summer months, Iraq is expected to comply with the agreement."
The report noted that "Iraq has complied well in recent months, but this was partly because of the conflict with the Kurds, while the rest of the members of the OPEC hopes to comply fully with the country's decision to reduce production in order to maintain the level of world prices." Ending / 25 z
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