Iraq Is Losing Market Share In European Oil Markets

Almost everything in life is a matter of perspective, including developments in the oil and gas industry. For people who would start to study global oil flows today, it would come as something completely natural that Iraq largely depends on Asia to take in its plentiful oil exports. Be it Basrah Light or Heavy, Asia’s share in Iraqi exports (excl. Kirkuk) averaged 80% in 2020, quite a steady progression from 60% in 2017, 65% in 2018 and 71% in 2019. For those who have dealt with Iraqi streams in the past, the occurrence of Basrah Light in…