• 4 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 7 minutes Countries with the most oil and where they're selling it
  • 10 minutes Stack gas analyzers
  • 13 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 5 hours US Military Spends at least $81 Billion Protecting OPEC Persian Gulf Oil Shipping Lanes (16% DoD Budget)
  • 10 hours How many drilling sites are left in the Permian?
  • 7 hours Mueller Report Brings Into Focus Trump's Attempts to Interfere in the Special Counsel Investigation
  • 15 mins End of Sanction Waivers
  • 3 hours "Undeniable" Shale Slowdown?
  • 2 days Overheating the Earth: High Temperatures Shortened Alaska’s Winter Weather
  • 7 hours Case against Trans Mountain Begins
  • 6 hours Trudeau Faces a New Foe as Conservatives Retake Power in Alberta
  • 3 hours Climate Change Protests
  • 5 hours Gas Flaring
  • 7 hours U.S. Refiners Planning Major Plant Overhauls In Second Quarter
  • 6 hours China To Promote Using Wind Energy To Power Heating
  • 1 day Everything Is Possible: Germany’s Coal Plants May Be Converted to Giant Batteries
  • 8 hours Oil at $40

Breaking News:

Guaido Takes Strides To Topple Maduro

Alt Text

Venezuela’s Crisis Threatens U.S. Control Over Oil Prices

Venezuela’s ongoing economic crisis has…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

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

Trending Discussions


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