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Iraq and Saudi Arabia are exporting record volumes of oil. They face growing competition from a resurgent Iran. The impact on trade flows is being felt from Suez to Seoul.
Iraqi exports, along with production, have set repeated new records in recent months – exports averaged 3.376mn b/d in 2015, up 854,000 b/d on 2014, whilst November and December 2015 and January 2016 were the three highest months on record with average volumes just shy of 3.9mn b/d (MEES, 11 March). With the key gains coming from the south of the country (see graph 1) it should be no surprise that the bulk of the extra oil has gone to Asian markets. (CONTINUED - 1833 WORDS)
DATA INSIDE THIS ARTICLE
|chart||Iraq Crude Exports Near 4Mn B/d Amid Record Basra Loadings (Mn B/d)|
|chart||South Korean Crude imports From Iraq At Record Levels, Iran Volumes At 5-Year High ('000 B/D)|
|chart||Chinese Crude Imports ('000 B/D): Iraq, Russia Hit Records In 2015, Saudi Volumes Rebound In Early 2016|
|chart||The EU Is Now A Key Importer Of KRG Crude With Volumes Up Eight-fold In 2015...|
|chart||....versus 2014 ('000 B/D)|
|chart||Suez Northbound Diesel Volumes Soar On The Back Of Record Saudi Exports ('000 B/D)|