Iraq Is Losing Market Share In European Oil Markets
Source: author, based on Thomson Reuters data. Today Europe’s share is half of what it was 3-4 years ago in absolute terms. Asia’s share, however, has risen in both absolute and relative terms. We have already touched upon the relative numbers, but the absolute volumes are just as indicative - Asia’s rise in importance for Iraq happened against the background of average annual exports dropping from 3.43mbpd in 2018 to 2.94mbpd in 2020. Iraqi exports to Asia (including Kirkuk) have averaged 2.3mbpd last year – of this, China and India alone account for almost 2mpbd, with 1.05mbpd and 0...
Source: oilprice.com