China has been one of the biggest oil battlegrounds in recent years, with producers clawing at its coveted market share.
Traditionally, Saudi Arabia had dominated the market, but its exports have plateaued over the last few years.
And this has opened a window for other producers to get in on the action.
“How have the Saudis fared? Not very well. Actually, quite miserably,” wrote Michael Tran, commodity strategist at RBC Capital Markets, in a recent report to clients.
Most notably, Russia has grabbed over 215,000 barrels a day of China’s increased imports of 630,000 barrels a day this year, according to data cited read more >>>