Saudi struggles to find buyers for extra crude as demand dives: sources - Reuters:
Saudi Arabia is struggling to find customers for its extra oil as demand plummets due to the coronavirus and freight rates surge, industry sources said, undermining the kingdom’s bid to seize market share from rivals by expanding production.
Royal Dutch Shell and U.S. refiners were taking less Saudi crude, Finland’s Neste was not taking any in April and Indian refiners had sought delayed deliveries, the sources said. Polish refiners were also easing up on purchases, they added.
Unipec, the trading arm of Asia’s largest refiner Sinopec, has also decided against lifting more Saudi crude in April after freight rates surged, sources said.
The world’s top oil exporter plans to boost exports sharply after the collapse this month of a three-year deal on cutting supply between Organization of the Petroleum Exporting Countries and other producers, including Russia.
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