Has Saudi Arabia already switched tack and started to surreptitiously balance supply and demand in the crude oil market? One of the persistent themes of crude oil markets since the price crashed in mid-2014 is that top exporter Saudi Arabia decided to stop its balancing role and instead chase market share, no matter the implication for prices. However, there are signs that the pursuit of market share by the kingdom is no longer a top priority, especially in their buyers in Asia. Figures from top Asian crude buyers China, India, Japan and South Korea suggest that Saudi Arabia is effectively conceding market share to rivals such as fellow Gulf producers Iran and Iraq, as well as an increasingly assertive Russia. While this may not exactly be a voluntary process, it does appear that Saudi Aramco, the kingdom’s state oil company, isn’t pulling out the stops to reverse the loss […]