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IEA: Iraq's oil exceeds Saudi Arabia's share of the European market
2015/11/13
It revealed the International Energy Agency (IEA), on Friday, skipping all Iraqi oil to Saudi Arabia's share in the European market as the second largest oil producer in OPEC, as pointed out that the lifting of sanctions on Iran will contribute to increasing the competitiveness.
The Energy Agency, in a report, seen by the (long-Presse), said that "while attention was focused on Russia and Saudi Arabia in their competition to acquire the largest share of the European market on the continent Iraq came to compete with regional rivals in their shares."
The agency added, that "in spite of the Russians continued to dominate 55% of the market share, Iraq has accounted for a huge share of the oil market since the year 2012 when the intensified sanctions against Iran, which used Iran before sanctions to issue a million barrels of oil Aoumil for the European market.
The agency said, "Since the middle of 2014, total exports to Iraq rates have increased by 40 percent to more than 3 million barrels per day, have contributed to its equipment market European amounting to one million barrels per day during the months of July and the last two, father and to increase its share of the market by 17%, as allowed so that it goes beyond the Arab share in the Saudi market. "
The report predicted that "Iran can sell more than 400 000 barrels of extra oil per day to its customers in the Asian and European market if the lifting of sanctions, something which will lead to increased competition among producers about pricing."
The European market imports more than 9 million barrels of oil per day from outside the continent where you receive Italy, Greece and Spain, oil refineries, as well as Poland, Sweden and other countries.
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