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The International Energy: Iraq beyond the Saudi oil exports to Europe

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Rocky


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The International Energy: Iraq beyond the Saudi oil exports to Europe




2015/11/13


solution to Iraq replaced Saudi Arabia as the second-largest oil exporter to Europe and Iran prepared a list of buyer crude preparation for lifting the sanctions.
The agency quoted the International Energy sources in the market on Friday as saying that Tehran will be able to sell at least 400 thousand additional barrels a day to buyers in Asia and Europe as soon lifted by the sanctions.
The agency said, "For this reason it is likely to continue increasing competition on price between producers".
and extracted Russia market shares of OPEC in many Asian markets thanks to the pipeline to the Pacific Ocean and China.
The creation of this transformation opportunities for competitors in the European market, which was dominated by Russia and sold Saudi Arabia this year Khama companies refining Polish and Swedish.
The agency said, "while the addresses on focus competition between Russia and Saudi Arabia on the status of the continent withdraw Iraq rug from under the feet of regional rivals.
"imports Europe more than nine million barrels per day of crude from outside the region and form the raw materials that have a high sulfur content of more than six million barrels of that amount.
In Although the Urals crude Russian still dominates with a share of about 55 percent, but that Iraq won a large market share since 2012 after tighten sanctions on Iran, according to the IEA.
Before prohibited from Iran to Europe and the sale of oil in 2012, Tehran was selling about one million barrels per day of higher raw sulfur.
Since the mid-2014 Total Iraq exports volume rose about 40 percent to more than three million barrels per day and the volume of sales for Europe million barrels per day in July and August to increase its market share to 17 percent, which allowed him superiority over Saudi Arabia, according to the Energy Agency.
As a result of the battles of the circle on the market share increased oversupply of oil in Europe.
The International Energy Agency, "high-sulfur crude markets, in particular, looks oversupplied with widening spreads with low-sulfur crude. Europe is experiencing an abundance of high-sulfur crude from competing Doyle former Soviet Union and the Middle East, while US crude higher sulfur remained subdued because of refinery maintenance ".anthy

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