Saudi Arabia’s oil export to Asia has increased by 12 % in the first 11 months of 2015, in comparison with the same period of 2014, allowing Riyadh to defend its prominent market position, Reuters reported citing Thomson Reuters Research & Forecasts’s data.

Asian refiners were reported to have demanded few millions of barrels of crude above contractual volume as Saudi grade of oil is cheaper than that of other Middle Eastern suppliers.

Saudi Arabia informed OPEC that it has raised oil production as the organization forecasts a stronger demand for crude in 2016, Bloomberg reported.

However, according to Eco-Business, Saudi Arabia has been pumping record levels of oil out of fears that oil prices may dip further.