Saudi Starts Oil Supplies to Poland, in Setback for Russia

Reuters

MOSCOW, Oct 13 (Reuters) – Saudi Arabia has started supplying crude oil to Poland, the head of Russia's biggest oil company Rosneft said on Tuesday, becoming another Middle Eastern producer to enter a market traditionally dominated by Russia.

A global battle is underway among oil exporters for market share, with producers with the deepest pockets, such as Saudi Arabia, using low prices to enter new markets, often at the expense of Russia.

If Russia appears to be losing that battle for market share, it could have an impact on decisions made about crude production at a meeting of oil exporters' club OPEC in December.

"We are working under conditions of tough competition," Rosneft Chief Executive Igor Sechin told an investor conference in Moscow.

"Saudi Arabia has entered the Polish market for the first time, with deliveries via Gdansk," he said, referring to the port on the Baltic Sea.

"They are actively dumping, which is an element of the changes in world prices. Without doubt, the battle for markets is at this stage one of the key factors."

"We have to make every effort to prevent a decrease in our share of supplies," Sechin said.


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