SAUDI ARABIA: ‘ Crude Oil Exports fell to lowest price in May – possible #Asia price war looming ‘

#AceFinanceNews – SAUDI ARABIA:July.21: Saudi Arabia’s crude oil exports fell to their lowest in five months in May despite near record production. Saudi Arabia shipped 6.935 million barrels per day (bpd) on average in May, down from 7.737 million bpd in April and the lowest since December, official data showed on Sunday.

As crude exports slide, Saudi Arabia is offering customers millions of barrels of diesel from new refineries as it supplies more refined oil products.

This could potentially trigger a price war with Asian competitors as Saudi exports feed into a glut. Saudi Arabia’s massive refineries are now processing more of its crude at home.

Domestic refineries processed 2.423 million bpd in May, up 9 percent from 2.224 million bpd a month earlier. [Reuters, Bloomberg, 7/20/2015]

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