Saudi Arabia is losing market share to its 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”…