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Monday, August 31, 2020

Saudi Arabia Loses Market Share For Oil Exports





world’s biggest oil exporter, Saudi Arabia, lost Chinese market to US  
China, world’s top oil importer, boosted imports from America 
reduced purchases from Saudi Arabia 
China imported record volumes of crude oil in recent months
taking advantage of lowest crude prices in two decades 
snapped up cheap U.S. oil in April, loaded in May, arrived June
Chinese opportunistic buyers in March and April
Chinese oil imports from Saudi slipped in July 
in July Saudi slipped to 3rd spot as China’s key oil supplier behind Russia, Iraq
1st time in 2 years Saudi not the no. 1 or no. 2 supplier to world’s top oil importer 
OPEC+ production cut, pushing up price of Middle East benchmark
Saudi exports to China in July declined 23.4% to 1.26 million bpd
making Saudi China’s 3rd largest oil supplier 
Chinese imports of U.S. crude soared 139% to 864,200 bpd
Saudi lost market share in China not only to U.S. but also to Brazil
China’s U.S. oil imports will continue to be strong in Aug
Bloomberg report : China buying record 37m barrels from US in Sept  
record-high China imports of US oil result of bargain-hunting in March-April 
market dictated by demand, margins, price differentials, China’s forward purchases 
My comments :
Even Saudi Arabia is having trouble finding markets to sell their oil. 
Not too long ago there was a weird theory called Peak Oil going around. 
The Peak Oil Theory said that the world's production of oil had peaked. 
That there was no more oil in the ground. 
This was before President Lula of Brazil declared that 'god is a Brazilian'. 
Because they suddenly found huge amounts of oil off the Brazilian coast.
This was before tiny Israel found huge amounts of gas deposits off their coastline.
And more "new" oil fields are being 'discovered'.
And this was before something called shale oil.
Then there is the increasing competition from renewable energies like wind and solar, as well as nuclear energy. Plus the huge efficiencies in the consumption of oil (electric vehicles, hybrids). 
In short nothing lasts for ever. The only constant is change. 

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