Saudi Arabia floods markets with $25 oil as fight with Russia escalates - Reuters:
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 crude in Asia with Chinese and Indian buyers. Tanker rates soared as Saudi Arabia chartered dozens of supertankers to take extra oil, including to the United States, where Russian oil is less popular.
Oil prices have halved since the start of the year because demand has been hit by the coronavirus outbreak and after Russia and OPEC failed to reach a new deal on supply cuts.
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