In Europe and the USA, most refineries refuse to buy additional oil from Saudi Arabia at reduced prices.
This was reported by The Wall Street Journal with reference to sources.
Russia has redirected its supplies to China, where demand for oil is gradually recovering.
Europe and the U.S. are rejecting additional Saudi oil. This is also due to the lack of storage facilities.
“The reduction in prices by Saudi Arabia was aimed directly at gaining Russian market share, especially in some European countries”, – the article says.
In addition, the demand for oil from Saudi Arabia is also observed in India. The reason is in the coronavirus.
Experts believe that Saudi Arabia will have to further reduce the price of oil in order to “remain competitive” in European markets.