Saudi Oil Market Fight Shifts to U.S. as Asia Prices Rise
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Saudi Arabia’s increase in crude prices for Asia signals the world’s biggest oil exporter is focusing its fight for market share on the U.S.
While Saudi Arabian Oil Co. boosted differentials for supplies to Asia next month after cutting some November prices to the lowest in almost six years, American buyers will get another month of reductions. The Middle East producer isn’t prepared to surrender sales in the U.S., where a shale boom has lifted output to the highest in more than 30 years, according to Idemitsu Kosan Co., Japan’s third-largest refiner, and Elements Capital Inc., a Tokyo-based hedge fund that focuses on energy.