Saudi Arabia in 2013-2015 reduced market share in nine of the fifteen most important countries-oil consumers, including the U.S., China, and South Africa. On Monday, March 28, reports “Interfax” with reference to review of the FGE, a Consulting company.
According to the report, oil production in the middle East country while hitting new record level, surpassing 10 million barrels per day. Oil exports from Saudi Arabia last month stayed above 7 million barrels per day.
The share of Saudi Arabia in global oil market in 2015 increased slightly compared with the previous year, but was below the 2013 level. Last year the export of Saudi oil provided 8.1 percent of world demand (excluding the own needs of the Kingdom). In 2014 the Kingdom will satisfy and to 7.9 in 2013, 8.5 percent of world demand for oil.
In 2013, the share of Saudi Arabia in the Chinese oil imports stood at 19 percent, in 2015 it has dropped to less than 15 percent as a result of increasing supplies from Russia. In the U.S. index decreased from 17 to 14 percent.
Imports of Saudi oil to South Africa has fallen sharply since 2013, from 53.5% to 22%. Here Riyadh ousted Nigeria and Angola. However, the Kingdom remains the largest supplier of oil to many countries, including China. In the last three years it has managed to increase its presence on the markets of Brazil, India and Japan.
Currently, the oil of the reference Brent traded on London exchange ICE on level 40 dollars per barrel. In mid-2014, a barrel of “black gold” was worth 115 dollars.
