Oil Market: Commodity Giants Compete for Influence in Asia.

Battle for the Oil Market in Asia Between Russia and Saudi Arabia

Today, competition has begun in Asia between leading oil exporters - Russia and Saudi Arabia. This is especially true for China, which is the largest oil importer. Russia is succeeding due to discounts it provides due to imposed sanctions. However, new restrictions on maritime transport introduced by President Joe Biden have led to a reduction in Russian oil supplies to China.

Even India, which also imports oil from Russia following the sanctions, has noted a decrease in imports. However, both countries plan to increase their purchases in the spring when the market can adapt to the sanctions.

It seems that the export will import oil from Russia. By the end of March, figures may change as Russian tankers in the Pacific will be able to deliver more cargo to China. An increase in supplies from Saudi Arabia is also expected starting in April when OPEC+ plans to increase oil production.

These changes have an impact on oil prices. Saudi Aramco has lowered the official prices of its oil for Asian refiners. Starting in April, prices for Arab Light will be below the benchmarks of Oman and Dubai.