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