Both Iraq and Iran increased their crude oil exports in September, Bloomberg reports.
Iraq’s exports of crude rose to 3.98 million barrels per day (b/d), the highest they’ve been since the implementation of the production-cut agreement in January, according to Bloomberg. Reuters previously reported that Iraq’s production rose by 40,000 b/d.
Iran’s exports also increased to a level unseen since February. Data compiled by Bloomberg indicates that Iran exported 2.28 million b/d in September.
Even as Iraq and Iran boosted shipments, Saudi Arabia cut exports to 6.68 million b/d, according to Bloomberg’s data.
Some view Iran and Iraq’s actions as an attempt to seize market share from Saudi Arabia.
“Iraq and Iran are both very opportunistic in selling into markets where buyers longer getting the same Saudi volumes,” Richard Mallinson, an analyst for Energy Aspects Ltd., told Bloomberg.
Iraqi exports to the US and to India continued to outpace Saudi Arabia’s. In September, Iraq shipped 871,000 b/d to the US and 794,000 b/d to India, Bloomberg reports.
Altogether, OPEC’s crude production rose in September. According to Reuters, production increased by 50,000 b/d; Bloomberg’s data, however, showed an increase of 120,000 b/d.