Saudis flood Europe with cheap oil in hopes of taking Russia’s market share [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
Saudis flood Europe with cheap oil in hopes of taking Russia’s market share Saudi Arabia is flooding markets with oil at prices as low as US$25 a barrel, specifically targeting big refiners of Russian oil in Europe and Asia, in an escalation of its fight with Moscow for market share, five trading sources said on Friday. The sources, from oil majors and refiners that process crude in Europe, said Saudi state oil company Aramco told them it would supply all requested additional volumes in April. Sources previously told Reuters Saudi Arabia is also seeking to replace Russian oil with Chinese and Indian buyers, although not all refiners received volumes they had asked for. Tanker rates soared as Saudi Arabia provisionally chartered more than 30 supertankers to take extra oil, including to the United States, where Russian oil is usually less in demand. Oil prices have been halved since the start of the year because demand has been hit by the coronavirus pandemic and the failure by Russia a
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