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Saudi Arabia: Losing its grip?
Oct 05: Saudi Arabia’s leadership of OPEC production cuts comes at a huge cost to itself.
8It is cutting its export volumes and losing market share in key destinations to countries that are also part of the output deal.
8It has lost ground to rivals selling in some of its Asian export markets, most particularly China and India.
8Saudi Arabia is no longer China’s largest supplier, as Russia has overtaken its spot while Saudi exports to India have been overtaken by supplies from Iraq, which increased in the first months after output cuts came into effect in January.
8It has also seen flows to the US fall to some of the lowest levels of recent years.
8The production cuts are holding up for now though as prices rose, OPEC output went up recently.
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