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According to the latest reports, with Saudi Arabia's big price war, major European oil refiners are reducing imports of Russian crude oil and turning to Saudi Arabia
.
Saudi Arabia's supremacy of supply in the Asian market was once unchallenged, and Russia has been working
hard to penetrate the Asian market for years.
Now Saudi Arabia has begun to fight back, greatly discounting the seizure of European territory and causing Russia to "catch fire in its backyard"
.
Major players such as Exxon, Shell, Total and Eni have all increased purchases of Saudi oil in the past few months for refineries in Western Europe and the Mediterranean, while reducing purchases of Russian oil
, trade sources said.
This has nothing to do with Western sanctions against Russia and Ukraine, which mainly concern equipment in the energy industry, not oil and gas itself
.
In fact, it is a commercial war for customers, and despite weak global oil prices, Russia and Saudi Arabia, the oil exporters, are increasing production
.
Moscow is in talks with the Organization of the Petroleum Exporting Countries (OPEC) over the global oil glut, and the business war could complicate
matters.
Moreover, joint production cuts already appear to be difficult
.
According to the latest reports, with Saudi Arabia's big price war, major European oil refiners are reducing imports of Russian crude oil and turning to Saudi Arabia
.
Saudi Arabia's supremacy of supply in the Asian market was once unchallenged, and Russia has been working
hard to penetrate the Asian market for years.
Now Saudi Arabia has begun to fight back, greatly discounting the seizure of European territory and causing Russia to "catch fire in its backyard"
.
Major players such as Exxon, Shell, Total and Eni have all increased purchases of Saudi oil in the past few months for refineries in Western Europe and the Mediterranean, while reducing purchases of Russian oil
, trade sources said.
This has nothing to do with Western sanctions against Russia and Ukraine, which mainly concern equipment in the energy industry, not oil and gas itself
.
In fact, it is a commercial war for customers, and despite weak global oil prices, Russia and Saudi Arabia, the oil exporters, are increasing production
.
Moscow is in talks with the Organization of the Petroleum Exporting Countries (OPEC) over the global oil glut, and the business war could complicate
matters.
Moreover, joint production cuts already appear to be difficult
.
