Why Saudi Arabia Is Losing Asia's Oil Buyers Saudi crude exports have plummeted to historic lows, and it's not just disrupted trade routes or US Iran tensions.
The kingdom's oil empire is crumbling under its own weight due to the world's most expensive barrels becoming increasingly unpalatable in a market where prices have reached record levels.
China, still the largest customer of Saudi Aramco, has seen its nominations for June drop to about 600,000 b/d from April's volume.