Tuesday, March 29, 2016

Price decline: Saudi Arabia pumps more oil – and makes losses – ABC Online

Tuesday, 03.29.2016, 21:15
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Saudi Arabia is trying by all means to fight against the economic impact of the oil price decline. But latest data show: In the meantime, not only reduces the revenues, but Saudi Arabia is increasingly losing market share

King Salman of Saudi Arabia Saudi Arabia. fighting with all means against the oil price decline. So the world’s largest exporter pumps more oil in the market than ever. Officially, the increase of production nearly ten million barrels per day

With the measure the UK wants to maintain its market position. The aim is to intimidate the competition from China and Russia and boost exports. But latest figures show that revenues increasingly break and fall, the market shares in the countries strong as the “Süddeutsche Zeitung” reported.



Saudi Arabia massively losing market share

Within the past three years were the oil interests in Saudi Arabia in nine out of 15 markets back, writes the “Financial Times” and refers to data from the British energy consultancy FGE.

especially high, therefore, the decline in South Africa. Here the market share was in 2013 still at 50 percent. Meanwhile, he has fallen to only 22 percent. States such as Angola or Nigeria tap into more and more market shares from and sell their oil to South Africa.

While China previously imported nearly 20 percent of its oil from Saudi Arabia, there are according to recent surveys, only 15.4 per cent.

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billion loss for the UK

The oil-rich Saudi Arabia controls pursuant to this development at difficult times. The country is living beyond its means, the budget deficit amounted to 2015 Proud 21 percent. This compares with revenues of 240 billion and an economic output of $ 600 billion.

King Salman now responds to the rising costs. For the first time since 2006, he has the price of electricity and water is raised. A bitter turning point for the citizens who have to pay any income tax until today.

In Video: Massive oversupply - price for barrel of oil drops in the US to $ 1.50

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