Saudi Arabia plans to sell oil at $25 per barrel

Saudi Arabia is ready to triple the volume shipped to Europe of oil at a price much lower than Russian.

Саудовская Аравия намерена продавать нефть по $25 за баррель

It is reported Bloomberg citing its sources.

“Saudi Arabia is offering its crude oil Arab Light deliveries in Rotterdam at a price of about $ 25 per barrel, which is a huge discount compared to the price of Russian oil Urals,” — said the Agency.

According to sources, the European refineries, including such companies as Royal Dutch Shell, BP, Total, OMV, Repsol and Cepsa, has received offers from Saudi Aramco about the limitations on oil supplies, which are much higher than traditional volumes.

“The volume of additional supply was varied from 25% to 200%, depending on the company,” — said the Agency.

According to them, Aramco confirmed the increase in the imports of European oil companies.

In addition, on the eve of the Saudi state company has announced that it received a Directive from the Ministry of energy of the Kingdom to increase production capacity to 13 million barrels per day.

The national shipping company of Saudi Arabia Bahri previously chartered to 19 supertankers this week, and six of them were supposed to deliver to the United States nearly 12 million barrels of Saudi oil, according to data and sources.

Saudi Arabia will open the taps, beginning April 1, producing 12 million barrels of oil per day to markets. The maximum production capacity of Russia is of 11.80 million barrels per day, while Asia and Europe are key export markets.

Russian energy Minister Alexander Novak said on Wednesday that Saudi Arabia plans to increase production are “not best option”.