Russia boosts oil sales to China, Japan, S Korea

Beijing

MIDDLE East oil producers already scrapping for share in Asia must now contend with more supply from Russia.

Russia, the world's second biggest crude producer, boosted sales to China, Japan and South Korea by 25 per cent last year, increasing its portion of shipments to 8.7 per cent, from 7.2 per cent in 2013, according to government data compiled by Bloomberg. Saudi Arabia accounted for 24 per cent, down from 26 per cent, while Qatar and Kuwait also ceded market share.

Gulf producers are now offering record discounts for Asian buyers amid a global crude glut. As European demand weakens and shale takes the US cl…