Saudi Arabia has increased its official selling prices for crude oil to Asian buyers, raising questions about its commitment to regaining market share following the recent decision by the exporter group to unwind output cuts. The higher prices make Saudi oil less attractive to price-sensitive importers like China and India, who are now turning to alternative suppliers such as Brazil, Angola, and the United States. Data shows a decline in Saudi shipments to China and a rise in imports from other regions, while Indian refiners are also diversifying their sources. This trend suggests that boosting market share may not be the immediate priority for Saudi Arabia and other Middle East producers.

Original article source: https://www.dailymail.co.uk/wires/reuters/article-14999029/Saudi-crude-oil-price-hike-odds-regaining-market-share-Russell.html
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