Saudi Arabia Witnesses Decline of Oil Market Share

Saudi Arabia’s market share of oil has witnessed a decline in 9 out of 15 top markets in the past three years, despite production touching record levels. These included China, South Africa and the United States. Saudi Arabia’s overall share of Chinese oil imports dropped from over 19% in 2013 to nearly 15% in 2015 as a result of increased supplies from Russia. On the other hand, the kingdom’s share of South African oil imports fell dramatically from almost 53% to 22% due to increased shipments from Nigeria and Angola. A boom in shale oil gas extraction in the United States saw Saudi Arabia’s share of US imports decline from 17% to almost 14% between 2013 and 2015. Saudi Arabia also lost market share in South Korea, Thailand, Taiwan and some Western European countries but secured gains in Brazil, India and Japan.

Read Full News At: http://www.researz.com/saudi-arabia-witnesses-decline-oil-market-share

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