WSJ: Saudi Arabia’s Oil Supremacy Weakens as Rivals Flourish

Saudi Arabia wields less power on world energy markets as cuts in oil drilling help rival producers like Iran, Russia and the U.S.

The country’s crude exports to the U.S. for the week ended March 10 fell by 426,000 barrels a day from the previous week, the sharpest weekly drop since November, according to data cited by The Wall Street Journal. The Organization of the Petroleum Exporting Countries last fall decided to cut output as a way of supporting oil prices after a significant collapse.

Saudi Arabia is seeking growth in Asia, where China is one of the world’s fastest-growing consumers of oil. Russia is the dominant supplier to China, import data show.

“The Saudi retreat from an all-out battle for these markets reflects the compromises the kingdom is now making to achieve a higher oil price, as it faces fiscal pressures from a burgeoning population and as the planned

admin

admin

Leave a Reply

Recent Posts

Trump Supporters: Get Your 2020 'Keep America Great' Shirts Now!

Are you a proud supporter of President Donald Trump?

If so, you’ll want to grab your 2020 re-election shirt now and be the first on your block to show your support for Trump 2020!

These shirts are going fast so click here to check for availability in your area!

-> CHECK AVAILABILITY HERE


More Popular Stuff for Trump Supporters!

MUST SEE: Full Color Trump Presidential Coin (limited!)

Hilarious Pro Trump 'You are Fake News' Tee Shirt!

[Exclusive] Get Your HUGE Trump 2020 Yard or House Flag!

<