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Iraq and Iran Boost Oil Exports to Gain Market Share Against Saudi Arabia

“We’re seeing a market shift as stockpiles begin to clear, and there will be more demand,” an Energy Aspects analyst said

Iraq and Iran boosted crude exports in September, taking advantage of a slower pace of shipments from Saudi Arabia.

Iraq shipped 3.98 Million Barrels of Oil Per Day, the highest since December, and Iran’s exports rose to 2.28 Million Barrels of Oil Per Day, the most since February.

Saudi Arabia’s exports were 6.68 Million Barrels of Oil Per Day, the second-lowest for this year, the data compiled by Bloomberg shows.

Iran and Iraq’s attempt to gain market share casts a light on internal tensions within OPEC as Saudi Arabia, the world’s top oil exporter, works to re-balance the market. State-run Saudi Arabian Oil Co., known as Aramco, will make the deepest cuts in supplies to customers in its history in November, the energy ministry said Monday.

“In Iran, I’m expecting production to keep creeping up in the coming months and that exports will be up slightly,’’ said Robin Mills, CEO of Qamar Energy. “I do see them taking market share slowly from the Saudis, if the Saudis hold steady on their production cuts.”

 

Source: Bloomberg

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