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…

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