https://www.albawaba.com/business/saudi-arabia-escalates-oil-price-war-flooding-markets-25-barrel-oil-1344702
Saudi Arabia is flooding markets with oil at prices as low as $25 per 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 which 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 around 31 supertankers to take extra oil, including to the US, where Russian oil is usually less in demand.
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