Saudi Arabia continued a price war against the Russian Federation, invited the European Union to triple the volumes of oil at low, low price.
According to Bloomberg, Riyadh is ready to triple the supply of feedstock for refiners in Europe, and also to offer such prices that will be deadly for the Russian oil industry.
Such actions of the Saudis will lead to the redistribution of spheres of influence in the European market in the war with the Russians.
It is noted that the light Arab Light oil delivery to Rotterdam, Saudi Arabia offers at a price of 25 dollars per barrel, while Russia offers Urals crude oil at a price of about 32 USD per barrel.
Bloomberg notes that the proposals from Saudi Arabia (Saudi Aramco) for the supply of black gold has received many European refineries, in particular Royal Dutch Shell, BP, Total, OMV, Repsol and Ceps. In addition, the Saudis have invited the Europeans to increase supply from 25% to 200% depending on the company.
It should be noted that discounts offered by Saudi Arab Light oil to enable them to cross the Russian Federation from the list of vendors for oil refineries of the European Union.
As the analyst of the market of oil, Aspect Energy Ltd Amrita sen, in order to remain in the European oil market, the Russians need to reduce the price of Urals crude.
Katrine Johns has been a reporter on the news desk since 2013. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Gal Post, Katrine Johns worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my firstname.lastname@example.org 1-800-268-7128