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Iraqi Increasing Oil Exports But Won't Claim Market Share From Iran

SOMO reveal exports have slightly increased from August figures

Iraq has steadily increased its crude oil exports for September in order to satisfy market demand, with shipments from its southern oil fields close to 3.6 million barrels per day (Mmbpd).

“The increase won’t be dramatic. It would be just a slight increase, just to satisfy the market needs,” Ali Al-Shatari, deputy director general of state oil marketing company SOMO, has been quoted. “Everybody is waiting to see what will happen after the U.S. sanctions. We are not opportunists and we are not going to take market share from Iran.”

His comments echo previous Iraqi statements in relation to increasing its own market share as a result of a gap in supply which is expected as a result of sanctions on Iranian exports, which begin in early November. 

The Iraqi Oil Ministry has also been reported as saying they will not take market share from Tehran.

SOMO's official data reveal that Iraq exported over 3.58 Mmbpd in August, at an average price of $69.65 a barrel,. These shipment figures do not include Kirkuk oil generated from Iraq's northern region.

Source: Reuters


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