| The changing structure of the global oil trade – which includes new roles for Russia and Saudi Arabia and the rise of non-state actors such as ISIS – has important implications for Russia’s energy industry. Russia’s top energy companies, already grappling with the consequences of lower global oil prices over the past 18 months, now face additional challenges brought on by the shifting structure of the global oil trade. Most importantly, the rise of Saudi Arabia as a crude oil supplier to Europe is forcing Russia to accelerate its energy pivot to Asia.
As a result of increased tensions over Ukraine, European reprocessing plants have cut their purchases of Russian crude and started to replace it with oil from Saudi Arabia, setting the stage for increased competition between oil suppliers in their struggle for global market share...............................................Full Article: Source
|