Raw Discounts Race Intensifies in Gulf
The countries in the region, particularly Iraq and Saudi Arabia, have begun implementing intensive marketing campaigns through significant discounts on crude oil prices in an effort to regain their lost market shares due to tensions and security disturbances. They also aim to restore buyer confidence after a period in which demand shifted toward alternative suppliers. Despite a decrease in production levels compared to pre-military escalation times, Gulf oil exports exceeded 18 million barrels per day at the start of October, thanks to improvements in logistics and the activation of alternative maritime shipping routes. The daily production rate is expected to reach 17.3 million barrels this month.
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