Bloomberg: Saudi Arabia Won the Oil Battle

  • Riyadh, KSA
  • 7 May 2020

A report issued by the American "Bloomberg" Agency concluded that Saudi Arabia won the battle of oil and benefited from it in the market and was able to expand its market share thanks to the drop in prices last month, while most producers are still seeking to maintain only its market share.

Oil prices began the path of going up at the beginning of this month after the "OPEC +" agreement entered into force, as the barrel price rose to above thirty dollars a barrel after oil prices recorded great increases for the third day in a row, also in conjunction with the easing of the closing procedures that were taken in most countries of the world.

"Bloomberg" revealed that oil producers around the world have returned to ship their crude assets, while Saudi Arabia appears to have won the battle and was able to sell more oil to new customers thanks to lower prices.

According to the agency, Saudi Arabia was one of only four producers in the world who were able to increase their oil sales to India during the month of April, Saudi oil shipments to China doubled, and Saudi oil exports to the United States increased last month to 1 Million Barrels per day, and this is the highest level since August 2018.

Source ( website, Edited)

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