Saudi Arabia fights for European oil market - FT.com

Saudi Arabia fights for European oil market - FT.com:

"Saudi Arabia’s state oil company has cut its official selling prices to Europe, as the world’s largest exporter of crude attempts to retain its share of an oversupplied market.
The de facto leader of Opec, which produces more than one in every ten barrels of oil in the world, has been squeezed in Europe over the past year as rival producers have sent more oil to the region.
Shipments to Europe made up more than 13 per cent of Saudi oil exports last year, according to data from the Opec cartel, but that number has slipped to just 10 per cent in the past six months, ship-tracking data shows."



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