Here’s a recent story from my Chemical Engineering blog that you might be interested in…
Two new stories emerge today that underline a new dominance that Saudi Arabia is creating in the Oil Industry.
It is well known that as the most influential oil producer in the World, the actions of Saudi Arabia have significant influence over the global crude oil price (crude oil is a stabilised product that is sold to refineries around the world to be turned into ‘refined’ products such as gasoline, kerosene, diesel etc.).
In recent months Saudi has been increasing its output (as previously reported here) and will probably exceed Russia in the first two quarters of this year to regain top spot as the World’s largest oil-producing nation.
As I have postulated before, the aim of flooding the market with cheaper oil is to retain (and increase) market share and this is spelled out in an article from Downstream Today that states
“Saudi Arabia expanded its share of China’s…
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