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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Saudi Arabia falling oil in China and India

    Rocky
    Rocky
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    Saudi Arabia falling oil in China and India Empty Saudi Arabia falling oil in China and India

    Post by Rocky Fri 24 Mar 2017, 2:56 am


    Saudi Arabia falling oil in China and India

    23/03/2017

    Saudi Arabia in 2016 lost its position as the largest supplier of crude oil to most markets in Asia, namely China and India, because of intense competition from Iraq and Russia.

    British research company and the Ministry of Trade and Industry data show the Japanese economy that Saudi Arabia 's share in the Chinese oil market fell in 2016 by 1.7% compared with 2015 to 13.6%, according to the website " The Nikkei Asian Review ".

    Whereas, the share of the kingdom, which is the largest oil producer in the Organization of "OPEC", in the Indian market by 0.2% to 19.5% decreased. Indicating that Saudi Arabia is no longer the largest supplier to these markets.

    But the data showed that Saudi Arabia's exports to the 10 largest markets in the world is China and India grew last year by 3% from the year earlier, and amounted to 7.61 million barrels of oil per day.

    In China, Saudi Arabia lost their positions thanks to strong demand from Chinese independent refineries, considering these refineries in Russia, resource more flexible than the UK, where the shipments coming from ports in eastern Russia commensurate with the modest production capacity.

    Whereas, Saudi Arabia is counting on the Chinese state oil companies as the basis for a long-term supply contracts. Thanks to the independent refineries, known in China as "teapots", Russia's share increased by 1.3% for controls 13.9% of China's oil market rose.

    Meanwhile, Iraq's exports, a member of the organization "OPEC", a list of suppliers to the India market. Iraq's share increased in 2016 by 4.1% compared to 2015, to reach 20.2%.

    Says James Davies , an analyst at research "company FGE " Iraq increases its oil production to meet growing demand in India and China.



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