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Iraqi crude in Saudi skips Europe

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1 Iraqi crude in Saudi skips Europe on Sat Nov 14, 2015 4:49 am

Rocky


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Iraqi crude in Saudi skips Europe





11/14/15


BAGHDAD / Obelisk: raging battle to defend market share between Russia and the members of the Organization of Petroleum Exporting Countries 'OPEC' in Europe, where Iraq solution 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, this Friday November 13 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 as it lifts sanctions.

The agency said 'That's why it is likely to continue increasing competition on price between producers'.

Russia and extracted from OPEC market shares in many Asian markets thanks to the pipeline to the Pacific Ocean and China.

And the creation of this transformation opportunities for competitors in the European market, which was dominated by Russia and Saudi Arabia this year sold its crude for refining companies Polish and Swedish.

The agency said 'titles while the rivalry between Russia and Saudi Arabia focused on the status of the continent Iraq pull the rug from under the feet of regional rivals.'

Europe imports 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.

And despite the fact that the Russian Urals crude is still dominated 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 that prohibits Iran to sell oil to Europe in 2012, Tehran was selling about one million barrels per day of high-sulfur crude.

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 IEA.

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 the rival (s) of the former Soviet Union and the Middle East, while US crude higher sulfur remained subdued because of refinery maintenance '.

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