Iraq is the biggest problem in the oil market in - JP Morgan

Last week, Iran signed a nuclear deal with several world powers, which, among other things, will allow the country to increase its oil production for export. Analysts began to worry that the additional source was estimated at 400,000 barrels per day. According to Goldman Sachs, this could worsen an already flooded market. However, JP Morgan analysts found that Iraq is generating more immediate interest in the oil market, explaining:

“Iran's agreement with P5 + 1 will provide an increase in production. However, additional supplies from Iraq at this stage are putting more pressure on world oil prices than from Iran. Iraqi oil production has been growing steadily over recent quarters, and even ahead of plans for the second quarter of 2015, leading us to conclude that Iraq is likely to overtake Saudi Arabia, providing the largest contributor to OPEC's growth this year.

The full potential of Iranian oil exports is not even expected over the next year, because the production infrastructure still needs to be brought up to date. Therefore, the growing production of Iraq is a more immediate threat to oil prices, which are falling for the third week in a row over the past week. "

On Monday morning, West Texas Intermediate oil futures were slightly lower at around $ 51 a barrel. Speaking to clients on Friday, Deutsche Bank's Michael Xue noted that Iraqi oil output rose to a record 4.1 million barrels per day in June, making the country the fastest growing exporter. Xue said that "compared to other OPEC members, this means that Iraqi surplus production is second only to Saudi Arabia."