Saudi Arabia Looks East

Saudi Arabia is turning increasingly toward Asia as its exports to the US continue to shrink. Its latest foray has taken it to India, where it is negotiating a possible oil storage deal similar to existing agreements with Japan.

Although Saudi crude exports rose slightly to 6.722mn b/d in September from 6.663mn b/d in August, they are at their lowest level since March 2011, according to the latest data from the Riyadh-based Joint Oil Data Initiative (JODI, see p20-21). And shipments to the US, where it is the second largest source of imported crude after Canada, have slumped in recent months. (CONTINUED - 1041 WORDS)