MOSCOW (Reuters) – Saudi Arabia is flooding markets with oil at rates as low as $25 per barrel, particularly targeting big refiners of Russian oil in Europe and Asia, in an escalation of its fight with Moscow for market share, 5 trading sources said on Friday.
FILE IMAGE: A view shows branded oil tanks at Saudi Aramco oil center in Abqaiq, Saudi Arabia October 12,2019 REUTERS/Maxim Shemetov
The sources, from oil majors and refiners which process crude in Europe, said Saudi state oil business Aramco told them it would provide all requested extra volumes in April.
Sources previously informed Reuters Saudi Arabia is also looking for to change Russian crude in Asia with Chinese and Indian purchasers. Tanker rates soared as Saudi Arabia chartered dozens of supertankers to take additional oil, including to the United States, where Russian oil is