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href="https://web.archive.org/web/20160505051750/mailto:/?subject=Saudi%20Arabia%20slowly%20losing%20oil%20market%20share&body=Here%20is%20something%20from%20Nikkei%20Asian%20Review%20that%20might%20interest%20you%3A%0D%0ASaudi%20Arabia%20slowly%20losing%20oil%20market%20share%0D%0Ahttp://s.nikkei.com/1VlxMyc">Mail</a></li> </ul> </div> <div class="article-box"> <div class="detail"> <div class="feature-article"> <div class="date-area">April 21, 2016 1:00 pm JST</div> <h1 class="title">Saudi Arabia slowly losing oil market share</h1> </div> <img src="/web/20160505051750im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/2016/201604/0421t2/20160421_saudi_arabia_oil_minister/4389979-1-eng-GB/20160421_saudi_arabia_oil_minister_article_main_image.jpg" width="580" alt=""/> <p class="img-caption"> Saudi Arabia's Oil Minister Ali al-Naimi gestures as he attends a joint news conference with ministers from Russia, Qatar and Venezuela following their meeting in Doha, Qatar, Feb. 16. <span class="img-credit"> © Reuters </span> </p> </div> </div> <div class="article-box detail"> <div class="wysiwyg_area"> <div class="articleBodyText"> <p class=" text-left">TOKYO -- Saudi Arabia, the world's biggest exporter of crude oil, is slowly but surely shrinking in global markets, recent statistics revealed.</p><p class=" text-left">     The setback is due to intensifying competition from Russia and other oil producers.</p><div class="page_limit free"></div><div class="page_limit"></div><p class=" text-left">     At a summit of the world's leading oil-producing nations on Sunday, Saudi Arabia refused to freeze oil output. Iran, which did not attend the summit, wants to increase its production now that sanctions against it have been lifted.</p><p class=" text-left">     Competition for market share is fierce, casting a shadow over price trends. </p><p class=" text-left">     Saudi Arabia lost ground to other key oil producers in nine out of 15 major markets from 2013 to 2015, according to FGE, an international energy consultancy. An official from the London-based company said the country failed to boost its global share, even on the back of an expanding market. </p><p class=" text-left">     Adel al-Jubeir, Saudi Arabia's foreign minister, said on March 5, "Our view is market forces determine the price of oil, and we will maintain our market share, and markets will recover." He made this remark in March, the month when increased oil output among key oil producers largely kept crude prices below $40 a barrel. The kingdom's strategy seems increasingly idle. </p><p class=" text-left">     Saudi Arabia took the hardest hit in China, losing 4 percentage points of market share between 2013 and 2015. Although the oil-rich country managed to defend the top spot with a 15.4% share in 2015, its China-bound exports fell 60,000 barrels to about 990,000 barrels per day. By contrast, China's oil imports rose 19% to 6.5 million barrels per day. With the number of cars owned and the nation's oil reserves on the rise, the Chinese market is gaining momentum, said Keiichi Tochimoto, general manager at the crude oil & petroleum product trading sector under the energy trading dedpartment at Japanese trading house <a href="/web/20160505051750/http://asia.nikkei.com/Company/05HWYZ-E" target="_self" alt="05HWYZ-E" class="mwMoTrg">Marubeni</a>.</p><p class=" text-left"><b>Increased competition</b></p><p class=" text-left">Meanwhile, Russia and Iraq made major advances in that time.     </p><div class="object-left"> <div class="object-left fb"> <div class="object-left"> <div class="js_enlarge"> <a href="javascript:%20void(0);" class="mwTrg" alt="zoom_112891"> <div class="image-side"> <img src="https://web.archive.org/web/20160505051750im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/2016/201604/0420t/20160420saudi/4381948-1-eng-GB/20160420Saudi_middle_320.png" alt="" class=""><p class="date-area img-caption"></p> </div> </a> </div> <div class="modal-zoom" id="zoom_112891"> <a href="javascript:%20void(0);" class="js_close fb">Close</a> <img src="https://web.archive.org/web/20160505051750im_/http://asia.nikkei.com/var/site_cache/storage/images/node_43/node_51/2016/201604/0420t/20160420saudi/4381948-1-eng-GB/20160420Saudi_article_main_image.png" alt="" class=""></div> </div> </div> </div><p class=" text-left">     China started lifting a ban on direct oil imports for independent small and midsize refineries and petrochemical companies in 2015. Takayuki Nogami, an official at Japan Oil, Gas and Metals National Corp., said Russia has been successful in riding that wave of deregulation. Russia increased its China-bound exports of crude oil produced in eastern Siberia, which can reduce shipping costs, thanks to its geographical advantage. Russia notched second place with a 12.6% market share in China last year, a jump from fourth place with 8.8%. It briefly stole the top spot on a monthly basis.</p><div class="page_break auto free"></div><div class="page_break auto"></div><p class=" text-left">     To counter the advance of its rivals, Iraq improved price competitiveness. U.S. market data provider Platts said Iraqi benchmark crude oil remained below its Saudi Arabian counterpart, in terms of price, for the two years through 2015. During that period, Iraqi oil prices were briefly less than Saudi Arabia's by about $1. Iraqi oil production, which was severely hurt by the Iraq War, has improved to 4 million barrels per day in 2015. The country has stepped up its campaign to attract foreign investment. Thanks in part to those efforts, the Iraqi market share in China rose 1.3 percentage points to 9.7%.</p><p class=" text-left">     Saudi Arabia lost ground on other fronts, too. It is exposed to aggressive price competition from Iraq in the South Korean, Taiwanese and European markets as well. The shale gas revolution in the U.S. allowed America to cut its crude imports. South Africa raised its oil imports from Angola and Nigeria, which have a geographical edge over Saudi Arabia.</p><p class=" text-left">(Nikkei)</p> </div> </div> <div id="modal-screen_zoom"></div> </div> <div id="05HWYZ-E" class="cmp-smy-balloon"> <div class="cmp-smy-balloon-inr"> <h3 class="mwmo-title"><a href="/web/20160505051750/http://asia.nikkei.com/Company/05HWYZ-E">Marubeni Corp.</a></h3> <p class="a300ctry">Japan</p> <table> <tr> <th>Market(Ticker):</th> <td>TKS(8002)</td> </tr> <tr> <th>Sector:<br>Industry:</th> <td>Distribution Services<br>Wholesale Distributors</td> </tr> <tr> <th>Market cap(USD):</th> <td>9,304.68M</td> </tr> <tr> <th>Shares:</th> <td>1,737.94M</td> </tr> </table> <div class="more"> <a href="/web/20160505051750/http://asia.nikkei.com/Company/05HWYZ-E">about Marubeni Corp.</a> </div> </div> </div>  <div class="pagination no-border"></div> <div class="related-company"> <h2 class="related-header">Related companies</h2> <p class="company-list"> <a href="/web/20160505051750/http://asia.nikkei.com/Company/05HWYZ-E">Marubeni Corp.</a> </p> </div> <div class="related-list"> <p class="related-header">Related stories</p> <ul class="point-list"> <li><a href="/web/20160505051750/http://asia.nikkei.com/Markets/Commodities/Saudi-Arabia-s-rivalry-with-Iran-dims-hopes-of-an-oil-deal">Saudi Arabia's rivalry with Iran dims hopes of an oil deal</a></li> <li><a href="/web/20160505051750/http://asia.nikkei.com/Markets/Commodities/Oil-prices-tumble-after-Saudi-Iran-tensions-sink-output-deal">Oil prices tumble after Saudi-Iran tensions sink output deal</a></li> <li><a href="/web/20160505051750/http://asia.nikkei.com/Japan-Update/Japan-consortium-to-cultivate-veggie-factory-business-in-Mideast">Japan consortium to cultivate veggie factory business in Mideast</a></li> </ul> </div> <div class="OUTBRAIN" data-src="https://web.archive.org/web/20160505051750oe_/http://asia.nikkei.com/Markets/Commodities/Saudi-Arabia-slowly-losing-oil-market-share" data-widget-id="AR_1" data-ob-template="Nikkei_Asian_Review_EN"></div> <script type="text/javascript" async="async" src="https://web.archive.org/web/20160505051750js_/http://widgets.outbrain.com/outbrain.js"></script> <div class="link-box GCCMD_removeall">  <h2 class="title">Follow Nikkei Asian Review</h2> <div class="follow-nar"> <dl> <dt><div class="fb-like" data-href="https://www.facebook.com/nikkeiasianreview/" data-layout="button_count" data-action="like" data-show-faces="false" data-share="false"></div></dt> <dd class="Facebook">The best content posted</dd> <dt class="Twitter"><a href="https://web.archive.org/web/20160505051750/https://twitter.com/NAR" class="twitter-follow-button" data-show-count="false">Follow @NAR</a> </dt> <dd class="Twitter">The latest headlines tweeted</dd> </dl> </div> </div> </div> <script type="text/javascript">  </script> <script type="text/javascript">  </script> <script>  </script> <link rel="stylesheet" href="/web/20160505051750cs_/http://asia.nikkei.com/css/article_pagination_v001.css"/> <script type="text/javascript" src="/web/20160505051750js_/http://asia.nikkei.com/js/497390b.js"></script> <script type="text/javascript">  </script> </div> <div class="secondary"> <script type="text/javascript" src="https://web.archive.org/web/20160505051750js_/http://www.nikkei.co.jp/gifdata/indices.js"></script> <script src="/web/20160505051750js_/http://asia.nikkei.com/JavaScript/custom/market_v001.js"></script> <div class="link-box GCCMD_removeall"> <h5 class="title">Market data</h5> <table class="market-data"> <tr class="odd"> <th>Nikkei 225</th> <td> <script type="text/javascript"> document.write(NK225_CUR); 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