China Demand Off 8%
Saudi Arabia shipped 5.7% less oil overseas last year led by a decline in China, its biggest customer in Asia, reports Bloomberg. The data, which was provided by Joint Organization Data Initiative, showed that shipments from OPEC’s biggest exporter averaged 7.11 MMBOPD in 2014, down from 7.54 MMBOPD in 2013, representing a three year low. In December, exports dropped 5% from November to 6.9 MMBOPD.

“2014 was a tough year for Saudi Arabia and OPEC,” said John Sfakianakis, head of Middle East at Ashmore Group Plc, a London...

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