Middle Eastern oil players lose out to Russia in Asia | Russia Beyond The Headlines

Middle Eastern oil players lose out to Russia in Asia | Russia Beyond The Headlines:



"Russia boosted oil supplies to China, Japan and South Korea by 10 million tons in 2014, increasing the proportion of oil exports to Asia from 7.2 percent to 8.7 percent. The additional supplies from Russia come at the expense of Saudi Arabia, whose share in the Asian oil market decreased from 26 percent to 24, Bloomberg reports.



Other Arab oil-producing countries have also reduced their shares in the Asian oil market of the Asia-Pacific Region (APR). Qatar has reduced its oil supplies by 7.4 percent, while supplies from Kuwait decreased from 7.2 percent to 7 percent.



In the next five years, the flow of Russian oil to China could increase by 15-20 million tons, according to experts."



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