Iraq enters the race to regain its oil share in the Gulf markets

Middle Eastern oil producers have entered a race to regain market share lost during the Iran war, as crude exports through the Strait of Hormuz gradually improve, according to a Reuters analysis.

Reuters noted that Iraq and Saudi Arabia were among the producers offering significant discounts to buyers willing to load oil shipments within the Gulf region, in an effort to win back customers who had turned to alternative suppliers during the period of unrest.

Energy Aspects predicted that total crude oil production in Saudi Arabia, the UAE, Iraq and Kuwait would average around 17.3 million barrels per day during October, compared to around 21 million barrels per day in the six months preceding the war.

According to the report, crude oil exports from the Middle East exceeded pre-war average levels of 18 million barrels per day for most of the week ending October 3, as oil flows improved through the Strait of Hormuz and alternative routes.

Shafaq.com