Bloomberg News - Oct 22, 2014
China reduced oil imports from Saudi
Arabia even as the world’s largest crude exporter cuts prices to
lure Asian customers amid intensifying competition from Colombia
Oil deliveries from Saudi Arabia fell 2.7 percent to 4.74
million metric tons last month from a year earlier, according to
data released today by the General Administration of Customs in
Beijing. Shipments from Colombia surged 389.6 percent, while
Russian deliveries increased by 56.8 percent.
Asian consumers are benefiting from a wider choice of
suppliers offering cheaper crude, from Venezuela to Alaska and
Nigeria, as the highest U.S. production in almost 30 years cuts
American demand. Saudi Arabia reduced prices for oil for Asia to
the lowest in almost six years as it aims to maintain market
share even as global benchmark prices have dropped about 25
percent from June.