{"id":15514,"date":"2015-12-21T13:03:17","date_gmt":"2015-12-21T18:03:17","guid":{"rendered":"http:\/\/olduvai.ca\/?p=15514"},"modified":"2015-12-21T13:03:17","modified_gmt":"2015-12-21T18:03:17","slug":"i-know-of-no-one-who-predicted-this-russian-oil-production-hits-record-as-saudi-gambit-fails","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=15514","title":{"rendered":"“I Know Of No One Who Predicted This”: Russian Oil Production Hits Record As Saudi Gambit Fails"},"content":{"rendered":"

“I Know Of No One Who Predicted This”: Russian Oil Production Hits Record As Saudi Gambit Fails<\/a><\/h3>\n
<\/div>\n
\n
\n
\n
In late October,\u00a0we noted<\/a>\u00a0that for the second time this year, Russia overtook Saudi Arabia as the biggest exporter of crude to China.<\/div>\n<\/div>\n<\/div>\n
\n

Russia also\u00a0took the top spot<\/a>\u00a0in May, marking the first time in history that Moscow beat out Riyadh when it comes to crude exports to Beijing. \u201cMoscow is wrestling with crippling Western economic sanctions and building closer ties with Beijing is key to mitigating the pain,\u201d we said in October, on the way to explaining that closer ties between Russia and China as it relates to energy are part and parcel of a burgeoning relationship between the two countries who have voted together on the Security Council on matters of geopolitical significance. Here’s a look at the longer-term trend:<\/p>\n

\"\"<\/a><\/p>\n

You may also recall that Gazprom Neft (which is the number three oil producer in Russia)\u00a0began settling<\/a>\u00a0all sales to China in yuan starting in January. This, we said, is yet another sign of the petrodollar\u2019s imminent demise.<\/p>\n

On Monday, we learn that\u00a0for the third time in 2015, Russia has once again bested the Saudis for the top spot on China\u2019s crude suppliers list.<\/strong>\u00a0\u201cRussia overtook Saudi Arabia for the third time this year in November as China’s largest crude oil supplier,\u201d\u00a0Reuters writes<\/a>, adding that \u201cChina brought in about 949,925 barrels per day (bpd) of Russian crude in November, compared with 886,950 bpd from Saudi Arabia.\u201d<\/p>\n

This is an annoyance for Riyadh. China was the world’s\u00a0second-largest oil consumer in 2014<\/a>\u00a0and closer ties between Moscow and Beijing not only represent a threat in terms of crude revenue, but also in terms of geopolitics as the last thing the Saudis need is for Xi to begin poking around militarily in the Arabian Peninsula on behalf of Moscow and Tehran.<\/p>\n

\"\"<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

“I Know Of No One Who Predicted This”: Russian Oil Production Hits Record As Saudi Gambit Fails In late October,\u00a0we noted\u00a0that for the second time this year, Russia overtook Saudi Arabia as the biggest exporter of crude to China. Russia also\u00a0took the top spot\u00a0in May, marking the first time in history that Moscow beat out […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3,5],"tags":[1928,130,4333,184,1601,279,284,1985,505,1921,595,1046,683,694,701,1031,4318],"class_list":["post-15514","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","category-geopolitics","tag-budget-deficit","tag-china","tag-crude","tag-crude-oil","tag-eastern-europe","tag-eu","tag-european-union","tag-kazakhstan","tag-market-share","tag-new-york-times","tag-oil-production","tag-poland","tag-reuters","tag-russia","tag-saudi-arabia","tag-yuan","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/15514","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15514"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/15514\/revisions"}],"predecessor-version":[{"id":15515,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/15514\/revisions\/15515"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15514"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15514"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15514"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}