Top exporter Saudi Arabia is struggling to sell more crude to Asia because rival producer Russia has taken an expanding share of the world's fastest-growing market by pumping more oil into the region.
To get an edge in the competition with Russia and ship more barrels into Asia, the Saudis will have to take the next painful step in reducing global oil prices − slashing their own.
To get an edge in the competition with Russia and ship more barrels into Asia, the Saudis will have to take the next painful step in reducing global oil prices − slashing their own.
The kingdom has ignored opposition from fellow OPEC members and moved to boost oil supplies to cool prices that have slowed economic growth. Most of any increase in Saudi supplies would flow eastwards to feed rapid Asian economic expansion.
Russian supply to northeast Asia is almost five times more than in 2008 as crude flows through Russia's East Siberia-Pacific Ocean (ESPO) pipeline.
