The International Energy Agency (IEA) announced that Iraq has now overtaken Saudi Arabia as the number supplier of Oil to Europe.
The oil price continues to remain below $50 per barrel, and the market share battle in Europe continues to intensify between OPEC and Russia for the production of oil, and the playing field will shortly change when sanctions from Iran are lifted.
The IEA cited that Iran would be able to sell 400,000 BPD to buyers in both Asia and Europe, and some key customers would include refineries based in Italy, Spain and Greece.
As Russia increases sales to China, gaining marketing share from the OPEC producers all leads to a continued over demand of oil in the market place.
Since mid-2014, Iraq’s overall exports have risen by about 40% to more than 3 million bpd and deliveries of 1 million bpd to Europe have increased Iraq’s market share to above 17 percent which is more than Saudi Arabia.