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2018-01-31 10:45:00

SAUDI - QATAR COMPETITION

SAUDI - QATAR COMPETITION

BLOOMBERG - Tiny OPEC producer Qatar is paying the price for top member Saudi Arabia's oil strategy in Asia.

Oil exports from Qatar, one of OPEC's smaller crude producers, to Japan last year slumped by almost a quarter to its lowest level since 1990, while shipments from giant supplier Saudi Arabia grew 8.1 percent, boosting its market share in the Asian nation to a record. Over in South Korea, imports from Qatar sank 26 percent to the least in seven years.

Sales War
Qatari crude imported into Japan, South Korea fell in 2017 while Saudis sold more

The diverging fortunes may be a reflection of Saudi Arabia's strategy to retain market share in Asia, the world's biggest oil-consuming region, while leading oil-production cuts by the Organization of Petroleum Exporting Countries to clear a global glut.

The Saudis have been making bigger supply curbs to the U.S. and Europe while largely sparing Asia from the reductions, as the kingdom sees better profits in the region. That's enabling it to nudge out smaller rivals, according to the Japan Oil, Gas and Metals National Corp.

"Qatar is suffering from the repercussions of Saudi's sales strategy," Takayuki Nogami, the chief economist at state-backed Jogmec, said by phone. "With crude prices still much lower than its peak, losing its sales volume to Japan and South Korea is a double blow to Qatar."

Japan's crude imports from Qatar fell 23 percent to 86 million barrels in 2017, according to data from the Ministry of Finance. South Korea's imports from the nation fell to 65 million barrels last year, the lowest since 2010, according to data from state-run Korea National Oil Corp.

From Saudi Arabia, shipments to Japan rose 8.1 percent last year, while market share rose to a record 40.2 percent in 2017. South Korea's crude imports from Saudi Arabia slipped 1.6 percent to 319 million barrels, down from the highest since at least 1980 the previous year.

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Earlier:

 W.Asia
2018, January, 22, 08:45:00

РОССИЯ И САУДОВСКАЯ АРАВИЯ УДОВЛЕТВОРЕНЫ

МИНЭНЕРГО РОССИИ - «Рынок видит успешность усилий и реагирует – цены уже почти достигли 70 долл. за баррель», - отметил Александр Новак.

 

 W.Asia
2018, January, 22, 08:40:00

OPEC'S CONSTRUCTIVE ROLE

OPEC - HH Sheikh Sabah praised all 24 participating countries, both OPEC and non-OPEC, for their joint efforts towards restoring much needed oil market stability, as well as keeping faith in the collaborative approach which is at the heart of the ‘Declaration of Cooperation’.

 

 W.Asia
2018, January, 3, 15:45:00

SAUDIS OIL TO JAPAN UP 19.3%

PLATTS - Japan's crude oil imports from Saudi Arabia rose 19.3% month on month to an average of 1.39 million b/d in November, preliminary data released Thursday by the Ministry of Economy, Trade and Industry showed.

 

 W.Asia
2017, December, 29, 11:30:00

SAUDIS REVENUE WILL UP TO $280 BLN

BLOOMBERG - Under a six-year fiscal program, officials predict rising oil prices and output will push income from oil sales to 801.4 billion riyals ($214 billion) from 440 billion riyals this year, the people said on condition of anonymity because they aren’t authorized to share the data publicly. It assumes the price of oil will reach $75 a barrel. Non-oil revenue, excluding income from the Public Investment Fund, would increase 32 percent to 337 billion riyals, they said.

 

 W.Asia
2017, December, 20, 19:35:00

SAUDIS EXPECTS +12%

BLOOMBERG - Saudi Arabia expects oil revenue to jump 12 percent next year in a sign the world’s biggest crude exporter expects prices to keep rising in 2018.

 

 W.Asia
2017, September, 27, 13:30:00

QATAR - BANGLADESH LNG

RasGas Company Limited sealed a landmark 15-yr LNG Sales and Purchase Agreement (SPA) with Bangladesh Oil, Gas and Mineral Corporation (Petrobangla). The agreement was signed in Doha by Mr. Hamad Mubarak Al-Muhannadi, CEO of RasGas, and Mr. Abdul Mansur Md Faizullah, Petrobangla Chairman.

 

 W.Asia
2017, September, 22, 08:35:00

QATAR - TURKEY LNG

Qatargas has agreed to sell 1.5 million tpy of LNG to Turkey’s BOTAŞ Petroleum Pipeline Corporation (BOTAŞ) over a period of three years

Tags: SAUDI, QATAR, OIL, GAS