Tokyo — Tiny oil cartel Opec crude producer Qatar is paying the price for top member Saudi Arabia’s oil strategy in Asia. Last year, oil exports from Qatar to Japan slumped by almost a quarter to its lowest level since 1990, while shipments from giant supplier Saudi Arabia grew 8.1%, boosting its market share in the Asian nation to a record figure. Over in South Korea, imports from Qatar sank 26% to the lowest in seven years. The diverging fortunes may be a reflection of Saudi Arabia’s strategy to retain market share in Asia, the world’s biggest oil-consuming region, while leading oil-production cuts by Opec to clear a global glut. Stakes remain high, with oil prices still languishing at about 40% lower than their peak in 2014. The Saudis have been making bigger supply curbs to the US and Europe while largely sparing Asia from the reductions, as the kingdom sees better profits in the region. This is enabling it to nudge out smaller rivals, according to the Japan Oil, Gas and Metals ...
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