Saudis Cede China Oil Market Share to Russia as Iran Risk Looms
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Saudi Arabia has a challenge in Asia as it battles to maintain market share: The Russians are coming and other OPEC members want a bigger slice.
It’s a market the Saudis have vowed to defend, leading the decision by the Organization of Petroleum Exporting Countries to sustain output as surging U.S. production crippled prices and pushed cargoes to Asia. While the origins of this competitive shift started with the American shale boom, the return of Iranian exports poses another test for the kingdom.