• 6 days Retail On Pace For Most Bankruptcies And Store Closures Ever In One Year: BDO
  • 10 minutes America Could Go Fully Electric Right Now
  • 8 days Majors Oil COs diversify into Renewables ? What synergies forget have with Solar Panels and Wind Tirbines ? None !
  • 1 hour Most ridiculous green proposal
  • 15 hours China Sets Its Sights On Global [EV, AI, CRISPR, Fusion, Navel Lint Collector] Dominance
  • 2 hours The Green Hydrogen Problem That No One Is Talking About
  • 1 hour Rethinking election outcomes for oil.
  • 10 hours The City of Sturgis Update on the Motorcycle Rally held there, and the MSM's reporting hence
  • 2 hours Biden's laptop
  • 3 hours Video Evidence that the CCP controls Joe Biden
  • 2 days Republicans Have Become the Party of Hate
  • 3 hours Making diamonds from thin air
  • 2 hours P@A will cost Texas Taxpayers $117 Billion.
  • 2 days Australia’s Commodities Heartland Set for Major Hydrogen Plant
Civil Unrest Threatens Miners Across The Globe

Civil Unrest Threatens Miners Across The Globe

Across the globe, civil unrest…

Why Oil Markets Don't Have To Worry About World War 3

Why Oil Markets Don't Have To Worry About World War 3

The assassination of General Soleimani…

Iraq Could Seek An Exemption From OPEC+ Output Cuts

Iraq Could Seek An Exemption From OPEC+ Output Cuts

Iraq is considering applying for…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Saudis Lose Market Share To OPEC Rivals

Iraq and Iran increased their crude oil shipments abroad last month, taking advantage of lower Saudi exports to key destinations to expand their international market share.

Data from Bloomberg suggests that Iraq, OPEC’s number-two exporter, shipped 3.98 million bpd to foreign clients in September—the highest daily rate since last December. Iran, for its part, exported 2.28 million bpd in September, the highest since February.

One analyst from Energy Aspects, Richard Mallinson, told Bloomberg that “Iraq and Iran are both very opportunistic in selling into markets where buyers are no longer getting the same Saudi volumes. We’ve seen Saudi Arabia’s exports lower over the last several months, which is consistent with their focus on the re-balancing process.”

The two neighbors have also made no secret of their oil production expansion plans. Despite their participation in the OPEC-wide production cut, Iraq and are Iran both eager to boost their crude oil production sooner rather than later.

Iraq, for example, has announced plans to boost its oil production capacity to 5 million bpd and the development of three fields, West Qurna-1, Halfaya, and Zubair could provide the additional capacity. This means that Iraq will be very reluctant to agree to any further extension to the OPEC deal, which Russia’s Vladimir Putin last week suggested could be extended until end-2018 if need be. Related: Is The Bakken Profitable At $50 Oil?

Iran is growing its production, as it was allowed to pump an additional 90,000 bpd based on its October production level under the OPEC cut deal, and it is expanding its footprint in Asia. China is a major destination for Iranian crude, and fresh cargo data from Bloomberg suggests that last month Iran exported 600,000 bpd to China, versus 833,000 bpd of Asia-bound crude oil exports for Saudi Arabia.

Iraq has more choices: it can also export to the U.S. In September, Iraq shipped 871,000 bpd to the States, exceeding the level of Saudi exports to the U.S. for the second month in a row. In August, Iraqi oil shipments to the U.S. were twice as high as Saudi’s U.S.-bound oil exports.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Tom on October 10 2017 said:
    Hopefully oil price listened to Rush yesterday on the radio. For California to go all electric will take many, many,many more n.g. power plants as each electric filling station will need enough power to light a small city. Fascinating report and something that needs to be done before auto companies put the cart before the horse. They could add 20 power plants in California alone just to meet a 2040 deadline.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News