Saudi Arabia Loses Market Share For Oil Exports

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This is adapted from OilPrice.com here.



world’s biggest oil exporter, Saudi Arabia, lost Chinese market to US  China, world’s top oil importer, boosted imports from America reduced purchases from Saudi Arabia China imported record volumes of crude oil in recent monthstaking advantage of lowest crude prices in two decades snapped up cheap U.S. oil in April, loaded in May, arrived JuneChinese opportunistic buyers in March and AprilChinese oil imports from Saudi slipped in July in July Saudi slipped to 3rd spot as China’s key oil supplier behind Russia, Iraq1st time in 2 years Saudi not the no. 1 or no. 2 supplier to world’s top oil importer OPEC+ production cut, pushing up price of Middle East benchmarkSaudi exports to China in July declined 23.4% to 1.26 million bpdmaking Saudi China’s 3rd largest oil supplier Chinese imports of U.S. crude soared 139% to 864,200 bpdSaudi lost market share in China not only to U.S. but also to BrazilChina’s U.S. oil imports will continue to be strong in AugBloomberg report : China buying record 37m barrels from US in Sept  record-high China imports of US oil result of bargain-hunting in March-April market dictated by demand, margins, price differentials, China’s forward purchases My comments :Even Saudi Arabia is having trouble finding markets to sell their oil. Not too long ago there was a weird theory called Peak Oil going around. The Peak Oil Theory said that the world's production of oil had peaked. That there was no more oil in the ground. This was before President Lula of Brazil declared that 'god is a Brazilian'. Because they suddenly found huge amounts of oil off the Brazilian coast.This was before tiny Israel found huge amounts of gas deposits off their coastline.And more "new" oil fields are being 'discovered'.And this was before something called shale oil.Then there is the increasing competition from renewable energies like wind and solar, as well as nuclear energy. Plus the huge efficiencies in the consumption of oil (electric vehicles, hybrids). In short nothing lasts for ever. The only constant is change. 
\Posted by Syed Akbar Ali 

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