In Europe and the United States, most refineries refuse to buy additional oil from Saudi Arabia at reduced prices.
This was reported by The Wall Street Journal, citing sources.
Russia redirected its supplies to China, where oil demand is gradually recovering.
In Europe and the USA, they are giving up additional Saudi oil. Including due to lack of storage.
“Saudi Arabia’s price reduction was aimed directly at gaining a Russian market share, especially in some European countries,” the article said.
In addition, demand for Saudi oil is also observed in India. The reason is coronavirus.
Experts are confident that Saudi Arabia will have to lower the price of oil even more in order to “remain competitive” in European markets.