Glut of Crude Fuels Rivalry Between the Major Producers
BEIJING—Warming ties between China and Russia are giving a big boost to Chinese imports of Russian oil, to the chagrin of OPEC nations jockeying for a slice of China’s market.
Faced with falling prices and lower demand from the U.S., oil-exporting nations are increasingly putting their hopes in China’s still-robust demand for crude. But Saudi Arabia and other big producers like Venezuela have seen such sales drop as Moscow’s isolation from the West over Ukraine prompts it to turn to Beijing.
Read more » The Wall Street Journal
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