Saudi Arabia clawed back market share of Asia’s crude oil imports in November, while Russia surrendered some of its barrels in what may be an early sign of a shift in market dynamics. Asia’s imports from Saudi Arabia, the world’s biggest crude exporter, rose to 5.83 million barrels per day (bpd) in November, up from 5.28 million bpd in October, according to data compiled by LSEG Oil Research. Meanwhile Russia’s supplies to Asia, the top-importing region, dropped to 3.51 million bpd in November, down from October’s 3.96 million and the lowest since January, according to LSEG. The data show that Asia’s imports from Saudi Arabia went up by 550,000 bpd in November, while Russia’s dropped by 450,000 bpd. The swing to Saudi Arabian barrels from Russia came even as the kingdom’s state-controlled oil producer, Saudi Aramco (2222.SE), opens new tab, increased the official selling prices for its crude to Asian customers for November-loading cargoes. Aramco’s benchmark Arab Light grade was increased by 90 cents a barrel to a premium of $2.20 over the regional benchmark Oman/Dubai average for November. The increase did come after the premium had dropped to the lowest in nearly three years in October, and was seen at […]