Saudi Arabia Regains Some Oil Market Share From Russia in Asia

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Saudi Arabia Nouvelles

Russia,Oil Exports,Asia

Saudi Arabia's oil exports to Asia rose in November, while Russia's sales fell due to price premiums, shipping costs, and lower demand from key markets like China and India.

Saudi Arabia’s oil exports to Asia rose in November, while Russia’s crude sales in the world’s most important oil-importing region fell amid lower purchases by Moscow’s two key markets, China and India.

Both India and China, Russia’s key export markets, saw lower Russian crude arrivals last month, while their imports of Saudi crude rose, the data showed. The rise in Saudi Arabia’s exports to Asia was likely due to a lower premium of the Dubai quotes over Russia’s flagship grade Urals, as well as higher costs to shipping crude all the way from Russia’s western ports to India, Reuters’s Russell argues.

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