Saudi Arabia Gains an Edge in Oil Market After Price Plunge
- Aggressive pricing helps win market share in China, India
- Saudis alone among top OPEC producers to boost sales to India
An oil tanker sits at the port of Ras al-Khair, in Saudi Arabia.
Photographer: Giuseppe Cacace/AFP via Getty Images
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The uneasy truce that settled over oil markets this month as some of the world’s largest producers began cutting output belies the raging competition among exporters seeking to preserve their share of a diminished market.
Saudi Arabia, the world’s biggest exporter, appears to be winning the fight for sales as it slashes prices for its crude. Producers globally are struggling to retain customers as the coronavirus destroys demand for fuel. After flooding the market in April, producers are now scaling back shipments as part of the deal by OPEC+ suppliers to soak up the glut in oil.