Baku. 28 April. REPORT.AZ/ Saudi Arabia continues to concede its share in global oil market to Iran and Iraq. Report informs referring to Bloomberg agency, head of Abu-Dhabi Investment Authority Research Department Cristoph Ruehl told at the conference in Dubai.
Notably, OPEC took decision on output cut in Wien meeting on November 30, 2016. Upon decision Saudi Arabia agreed to reduce daily output by 486 thousand, Iraq by 210 thousand barrels, and Iran agreed to increase output by 90 thousand barrels. Ruel told that although Iran increased output in conformity with its obligations, the Saudi Arabia reduced production more than its obligation to ensure stability of oil prices.
Owner of Dubai based Gamar Energy Robin Mils noted that production increase by Iran in parallel with output cut by Saudi Arabia will result in increase of market share of the first and decrease of that the latter. March report shows that Iraq also reduced its daily production by 200 thousand barrels to 4.43 mln barrels.
The commodities analyst of Dubai based Emirates NBD PJSC Edward Bell told that Iran and Iraq increased oil export to Asian market, especially to China. This shows that the war for oil market shares intensifies.