Iraq About to Flood Oil Market in New Front of OPEC Price War
If shipping schedules are correct, a tidal wave of oil is coming.
Higher Oil Prices Are Good for OPEC: Al-Harami
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(Bloomberg) -- Iraq is taking OPEC's strategy to defend its share of the global oil market to a new level.
The nation plans to boost crude exports by about 26 percent to a record 3.75 million barrels a day next month, according to shipping programs, signaling an escalation of OPEC strategy to undercut U.S. shale drillers in the current market rout. The additional Iraqi oil is equal to about 800,000 barrels a day, or more than comes from OPEC member Qatar. The rest of the Organization of Petroleum Exporting Countries is expected to rubber stamp its policy to maintain output levels at a meeting on June 5.