A gas flame is seen in the desert near the Khurais oilfield, about 160 km (99 miles) from Riyadh, Saudi Arabia June 23, 2008. (The opinions expressed here are those of the author, a columnist for Reuters.) Saudi Arabia’s problems run far deeper than trying to cobble together a deal with fellow OPEC members to curb crude oil output in order to bolster prices. About two-thirds of Saudi Arabia’s oil exports head to Asia, and the kingdom’s struggles in the region’s two biggest importers, China and India, are symptoms of its wider issues in crude markets. While Saudi Arabia has been increasing the total volume of crude it ships to China and India, it has steadily been losing market share, something that is likely of deep concern given that much of the current and future growth of oil demand is dependent on these two countries. Saudi Arabia is likely […]