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Riyadh Edges Out Moscow in China Oil Sales

Riyadh Edges Out Moscow in China Oil SalesRiyadh Edges Out Moscow in China Oil Sales

Saudi Arabia reclaimed its position from Russia as the largest crude supplier to China, as OPEC members extended their global fight for market share.

The world’s biggest oil exporter sold 3.99 million tons to China in October, 0.8% more than in September, data from the Beijing-based General Administration of Customs showed on Monday, Bloomberg reported.

Angola, another member of the Organization of Petroleum Exporting Countries, also surpassed Russia in shipping crude to the Asian nation. China has become a battleground for oil producers seeking to defend sales amid a worldwide oversupply.

“Saudi Arabia never stopped fighting for market share in China and in Asia as a whole,” Gao said Jian, an analyst at SCI International, a Shandong-based energy consultant. “One year after OPEC announced its production policy to defend market share, their strategy seems to be working.”

Saudi Arabia this year twice ceded the top spot to Russia in crude sales to China, in May and September. Russia supplied 3.41 million tons to its neighbor in October, a 16% drop from a record in September.

 

Financialtribune.com