Saudi Arabia Losing Oil Crown in Asia to Russia and Iran

Sunday, May 8, 2016
By Paul Martin

SputnikNews.com
08.05.2016

Amid the dismissal of Saudi oil minister Ali Naimi, Saudi Arabia is losing its crown of top crude supplier to Asia, mostly being outperformed by Russia and Iran.

“Stiffening competition from countries such as Russia and Iran is threatening Saudi Arabia’s longtime hold over markets including China, Japan and India,” says the Wall Street Journal’s analysis of the issue.

The Asian region’s biggest oil importer, China, has increased its oil imports from Russia, which now account for 13% of its total oil imports in the first quarter of 2016, as comparted to 10.6% in the same period the previous year.

Its oil imports from Saudi Arabia, on the contrary, have fallen to 15% from 15.9% last year.

Demand for Russian oil has been growing from independent Chinese refiners — known as ‘teapots.’ The government allowed them to start importing crude oil in the second half of last year, part of Beijing’s efforts to boost private investment and competition in oil refining which is dominated by state-run groups.

The Rest…HERE

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