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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.
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