Saudis seen losing market share to Iran, Iraq after oil cuts

Dubai

SAUDI Arabia, the world's biggest crude exporter, is losing market share to Iraq and Iran as a result of Opec's agreement to curb supplies to bolster prices, according to the head of research at Abu Dhabi Investment Authority (ADIA).

"If you're talking about winners, you can count Iran and Iraq," Christof Ruehl said on Wednesday at a conference in Dubai.

The Organization of the Petroleum Exporting Countries agreed to production limits for most of its members at a meeting in November and brought 11 other nations on board with the deal in December. Saudi Arabia, Opec's biggest producer, agreed to cut output by 486,000 barrels a day while Ira…