Iran and Iraq try to grab Saudi Arabia's share in global oil market

Baku. 10 October. REPORT.AZ/ Taking advantage of decision on export cut by Saudi Arabia in order to stabilize oil market, Iran and Iraq have increased their export.

Report informs citing the Bloomberg, by doing so these two countries have taken market share of Saudi Arabia in China and the United States.

Iraq's oil exports up to 3.98 mln bpd in September which is the maximum limit of the last 10 months. Iran’s export gone up by 2,28 mln bpd and reached 7 months high. Export from Saudi Arabia fell from 7,7 mln bpd to 6,68 bpd.

In July, export from Saudi Arabia to USA has dropped to its lowest level in the last 34 years. Instead, Iraq’s export to U.S. has reached 871,000 bpd in September, that is more than volume of exports from Saudi Arabia to US.

In August, their export to the US was 2 times more than from Saudi Arabia. Iraq's oil exports to India amounted to 794,000 bpd in 2017. Thus, in Saudi Arabia the similar figure is 738 thousand bpd.

Iran continued to oppress Saudi Arabia in the Chinese market. In September, Saudi Arabia exported 833,000 bpd to China, while Iran - 600,000 bpd and after the sanctions the export doubled.

Notably, in order to ensure the stability of oil market, Saudi Arabia has decided to reduce its exports by 560,000 barrels to 7.15 mln bpd since November.