Saudi Arabia Loses Major Crude Market Share in 9 Out of 15 Countries

Saudi Arabia, the biggest oil exporter in the world, has lost its market leader position in nine out of 15 national markets, media reports suggested Monday, citing data compiled by the Facts Global Energy (FGE), an international energy consultancy group.

MOSCOW (Sputnik) – According to FGE import data, as cited by The Financial Times, between 2013 and 2015, Riyadh lost ground in China, South Africa and the United States.

Saudi Arabia’s overall share of Chinese oil imports dropped from over 19 percent in 2013 to nearly 15 percent in 2015 as a result of expanded supplies from Russia.

The kingdom’s share of South African oil imports fell dramatically from almost 53 percent to 22 percent due to increased shipments from Nigeria and Angola.

At the same time, as the United States saw a boom in shale oil gas extraction, it reduced the amount of crude purchased from overseas. In that way, Saudi Arabia’s share of US imports slid from 17 percent to almost 14 percent between 2013 and 2015, the FGE figures show.

Global oil prices plunged from $115 to less than $30 per barrel between June 2014 and January 2016, hitting their lowest levels since 2003 amid an ongoing oversupply in the global oil market.