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More than 85% of the crude oil exports flowing through the Strait went to Asian markets, with Japan, India, South Korea, and China representing the largest destinations, EIA said. Malacca is the shortest sea route between Persian Gulf suppliers and the Asian markets. —US EIA. Suez Canal/SUMED Pipeline. An estimated 3.3
Total is active in most of the major LNG producing regions as well as main LNG markets and continues to develop LNG as a key component of its growth strategy. The group has interests in LNG projects in Indonesia, Nigeria, Norway, Oman, Qatar, the United Arab Emirates, Yemen, Angola, and Russia.
Even when we look at the refining sector, we see that the oil kingdom has been following a similar strategy of flooding the markets with refined fuel. million barrels of low sulfur diesel to the European and Asian markets. Saudis are now reducing their crude oil price hikes in Asia in order to save their market share.
Iran has increased its market share in the excess supply environment by offering large discounts , undercutting the Saudi and Iraqi prices for their deliveries to Asia. He said that without solutions to the conflicts in Syria and Yemen, an agreement is unlikely. OPEC is in a difficult situation.”.
In the last quarter of 2014, in the face of possible oversupply, Saudi Arabia abandoned its traditional role as the global oil market’s swing producer and therefore it role as unofficial guarantor of existing ($100+ per barrel) prices. In other major export markets, demand is stagnant. is no longer a growth market for oil exporters.
The move allies the US with such luminary states as Iran, Libya and Yemen, the only three other countries in the world not to ratify the Paris Agreement. This order was not unexpected, as Mr. Trump did the same dumb thing in 2017 , which President Biden reversed right away in 2021. (And
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