Russia is losing its share on European oil markets
Saudi Arabia has a record number of world oil deposits. This can cause a major imbalance of the oil market.
The oil experts agree that Saudi Arabia is trying to gain a bigger share on the European Market.
Currently Saudi Arabia is on its way to making more oil deals. This can be a major problem for Russia as one of the major oil producers.
For 13 year, Saudi Arabia has accumulated record deposits of crude oil. On August of this year they came up to 326 615 barrels (approximately 44.55 million tons) and this is considering the minimum export.
Alexey Kokin, an analyst of Russian Uralsyb Bank, expressed his opinion that the oil prices will not fluctuate significantly due to these significant Saudi deposits.
The Saudi side is simply waiting for more favorable conditions to sell their oil. As soon as this happens the prices will rise to their logical levels again.
The expert said: "Most likely the Arab oil producers are waiting for new contracts as they want to increase their share on the world market"