Latin oil bargains erode Saudi market clout in Asia

Tokyo

SHIPS carrying oil from Mexico docked in South Korea this year for the first time in more than two decades as the global fight for market share intensifies.

Latin American producers are providing increasing amounts of heavy crude to bargain-hungry Asian refiners in a challenge to Saudi Arabia, the world's largest exporter and the region's dominant supplier.

"By diversifying, more Asian refiners will be able to reduce the clout that Saudi Arabia has on the market," said Suresh…