Bloomberg: Iraq “fastest growing” from Saudi Arabia in the world oil market

Bloomberg, the United States, Iraq’s superiority over Saudi Arabia as the fastest growing in the world oil market.
According to an IAEA report published on Thursday, Iraq outperforms Saudi Arabia as the world’s most developed oil market as oil producers face increasing competition in major markets such as China and India.
Iraq, which is under monitoring for compliance with OPEC restrictions, exported 3.93 million bpd in May, the highest level for export in 2017, the agency said.
“OPEC and its partners are continuing their efforts to reduce production to solve the problem of global production abundance,” she said.
It is worth mentioning that Iraq has signed a number of contracts with international oil companies to raise the country’s oil production during the next few years, to 5 million barrels per day.