Kodiak Oil & Gas Corp (USA) (KOG), Chesapeake Energy Corporation (CHK): Is Saudi Arabia Losing Its Importance in the Oil Market?

On the other hand, the losers would be major oil exporters, such as Algeria, Iran, Iraq, Kuwait, Nigeria, Russia, the United Arab Emirates, and Venezuela, which require high oil prices to keep their national budgets balanced and, in many cases, sustain welfare payments to their growing populations.

Though Saudi Arabia remains the world’s largest producer and exporter of total petroleum liquids and the world’s second largest crude oil producer behind Russia, its influence in the global oil market is likely to diminish if current trends continue and non-OPEC producers continue to gain larger shares of global oil production.

The article Is Saudi Arabia Losing Its Importance in the Oil Market? originally appeared on Fool.com.

Fool contributor Arjun Sreekumar has no position in any stocks mentioned. The Motley Fool has options on Chesapeake Energy.

Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.