Saudi Arabia loses oil market share to rivals in key nations – FT.com

Saudi Arbia Loses Market Share to Rivals     FT     Mar 28 2016Saudi Arabia lost market share in more than half of the most important countries it sold crude to in the past three years, even as the kingdom increased output to record levels.

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The world’s biggest oil exporter lost ground to rivals in nine out of 15 top markets between 2013 and 2015, including China, South Africa and the US, according to an analysis of customs data.

Saudi Arabia set itself a goal in late 2014 of maintaining its crude market share amid a glut that prompted a collapse in oil prices, but the imports data compiled by FGE, an energy consultancy, suggest the country’s strategy suffered setbacks in some of its key customer countries last year.

Source: Saudi Arabia loses oil market share to rivals in key nations – FT.com

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