Saudi Arabia loses spot as top crude supplier to India, China
Saudi Arabia lost its spot last month as India’s top oil supplier to Nigeria for the first time in at least four years, according to ship tracking data compiled by Reuters, as the world’s top crude exporter struggles to maintain market share in Asia.
The OPEC kingpin also fell behind Russia and Angola as the biggest crude supplier to China last month, official data showed this week.
The Middle East country’s failure to maintain its position in some markets comes despite it leading a strategy by the Organization of the Petroleum Exporting Countries (OPEC) to keep output high to drive out competitors.
In India, refiners have been switching out of long-term contracts with Middle East suppliers in favour of spot purchases, often African oil.