US, WASHINGTON (ORDO NEWS) — Oil refineries in the US and Europe refuse to buy additional volumes of oil from Saudi Arabia, even despite reduced prices, The Wall Street Journal reported citing sources.
According to them, Saudi Arabia is having difficulty finding new buyers because of this.
This is explained by the fact that customers are faced with the problem of lack of storage facilities, which makes it more difficult for them to purchase new volumes of fuel.
According to traders, the demand for oil fell in India, which is also associated with the situation around the coronavirus
The collapse in the oil market occurred after the disruption of the OPEC + deal and the promise of Saudi Arabia to increase production up to 13 million barrels per day. Since the beginning of the year, oil prices have more than halved.
The Wall Street Journal emphasizes that by reducing prices, Riyadh expects to gain a share of the Russian market, especially in parts of Europe.
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