Saudi Arabia’s lost crude battle in North America likely to intensify war in Asia and Europe

Saudi Arabia has been clearly losing import share in US as North American neighbor (Canada) not only remains major crude oil supplier to world's largest economy, it is clearly increasing its share in that market.

Saudi Arabia's strategy to wipe out Shale producers from the market by oversupply and lower price has so far seem to have failed when it comes to North America.

US producers have increased production from 8.6 million barrels/day to more than 9.5 million barrels/day as prices dropped from more than $100/barrel to just about $40/barrel and World's largest crude oil exporter is clearly losing battle to Canada.

However, Saudi Arabia's strategy hasn't been completely in vain. It has gained in Asian market, even so much for its Arab light variant that it has raised prices of the grade several times.

Simultaneously it has been lowering prices for Europe, in its bid to gain market share there, where Russia has traditionally been a dominant player.

Saudi Arabia's failure in North America, will intensify the market share war in Asia and Europe, especially with Russia and other gulf producers, such as Iran.