| Since the beginning of 2015 there have been reports that the three largest producers in the Organization of the Petroleum Exporting Countries, namely Saudi Arabia, Iraq and Iran, would increase their exports to record levels by end of year. This has happened for both Saudi Arabia and Iraq and will likely occur with Iran once a nuclear deal is reached with the United States.
The reasons differ of course, but the result will be the same: Either OPEC is effectively broken up, or more likely, Iraq and Iran will get their way. In May the Iraqi Oil Ministry exported an average of 3.15 million barrels per day and has preparations to ship 3.25 million b/d in June, moving sharply toward a new all-time record in the coming months...............................................Full Article: Source
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