Saudis Take Iran’s Oil-Market Share… Bloomberg

June 3, 2019 by Jim Colburn Leave a Comment

By Grant Smith, Bloomberg, here…

”Iran’s production plunged by 230,000 barrels a day to 2.32 million a day, according to the Bloomberg survey. Saudi Arabia increased by 170,000 barrels a day to 9.96 million a day. Total supply from OPEC’s 14 members was unchanged at 30.26 million barrels a day.”

And, this:

”While the Saudi production increase was still well inside the limits agreed with fellow producers, the same can’t be said of a boost by Iraq.

Baghdad raised output by 50,000 barrels a day last month to 4.63 million a day, meaning that it has now abandoned any of the restraint pledged under the OPEC agreement. As the Saudis have urged fellow OPEC members to abide by their individual targets, that could provide another source of friction when the producers get together.”

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