Saudi Arabia Holds China Market Share Lead on Record Oil Output

At a period Russia threatens to overtake Saudi Arabia in the contest for sales to the largest energy consumer, Saudi still remains to keep its spot as China’s biggest oil supplier and this has been in place for the last seven months.

Based on a data showed yesterday by China’s General Administration of Customs, it is clearly stated that the largest crude exporter shipped an average 1.05 million barrels a day. Russia had a 13.6% on the stated amount.

There is also currently a major battle between Russia and the Middle East. They are in competition for attaining a higher market share of the oil market. In July, Saudi Arabia pumped 10.67 million barrels a day. Russia pumped 11.01 million barrels a day.

Also, another data at customs (May 2016) showed that China brought more oil from Russia than Saudi Arabia and last year’s recordings were as follows; Saudi Arabia 15.1% and Russia 12.6%.

Saudi Arabia also had history of selling most of its crude oil under long term contracts and is more likely go for win-win arrangements.

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