The largest oil exporters in the Middle East, key members of OPEC, are reaping the benefits of the rally in crude oil prices. At the same time, they are recouping market share in the most important oil market, Asia. For the first time this year, the Middle East’s share of crude oil imports into Asia rose to above 60 percent in October.
At the same time, the shares of European and U.S. shipments in Asia’s overall crude imports dropped last month to the lowest this year, per data by Refinitiv Oil Research cited by Reuters columnist…Middle East Oil Producers Are Winning The Race For Market Share In Asia
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