Middle East oil producers race to regain market share after Iran war
As crude flows through the Strait of Hormuz gradually improved, Iraq and Saudi Arabia offered discounts to buyers loading inside the Gulf; Energy Aspects forecast combined output of 17.3 million bpd in October versus about 21 million bpd before the war.
Middle East oil producers have entered a race to reclaim market share they lost during the Iran war, as crude export flows through the Strait of Hormuz gradually improved.
Iraq and Saudi Arabia offered sizeable discounts to buyers willing to load shipments inside the Gulf in an attempt to win back customers who switched to alternative suppliers during the disruption.
Energy Aspects estimated combined average crude oil production in Saudi Arabia, the UAE, Iraq and Kuwait at about 17.3 million barrels per day in October, compared with about 21 million barrels per day in the six months before 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 ended Oct. 3, as flows through the Strait of Hormuz and alternative routes improved.
