London - When Saudi Arabia's oil minister Ali al-Naimi says he does not want the kingdom to lose market share anymore, he really means it.
Iraq, Venezuela, Russia and Kazakhstan all saw their oil partially replaced by Saudi crude in Asia, the United States and even Europe, with its lacklustre demand, as traders said the kingdom offered customers more oil, and more cheaply.
Supplies from Organisation of the Petroleum Exporting Countries’ (Opec) leading producer are notoriously difficult to track as they reach customers under confidential direct deals rather than via the spot market. But an indirect confirmation of rising deliveries came from Naimi himself.