Saudi Arabia sells cheap oil to Poland, targets Russia in battle for EU market
- 8 years ago
GDANSK, POLAND — Saudi Arabia has started supplying crude oil to Poland in an bid to compete in the European oil market.
The first cargo from Saudi Arabia reached Poland's Gdansk in September. Two more cargos reportedly arrived in October. Trading sources told Reuters that Saudi is supplying Poland at "dumping" prices.
Trading sources also told Reuters that Saudi Arabia was looking to store crude oil in Gdansk to supply eastern European countries more quickly.
Oil companies such as Exxon, Shell, Total and Eni have been buying more oil from Saudi Arabia for their refineries in Western Europe and the Mediterranean in the past few months.
"I'm buying less and less Russian crude for my refineries in Europe simply because Saudi barrels are looking more attractive. It is a no brainer for me as Saudi crude is just cheaper," an anonymous trading source with one major oil company told Reuters.
Russian Energy Minister Alexander Novak said Saudi Arabia targeting eastern European markets was the "toughest competition", Reuters reported.
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The first cargo from Saudi Arabia reached Poland's Gdansk in September. Two more cargos reportedly arrived in October. Trading sources told Reuters that Saudi is supplying Poland at "dumping" prices.
Trading sources also told Reuters that Saudi Arabia was looking to store crude oil in Gdansk to supply eastern European countries more quickly.
Oil companies such as Exxon, Shell, Total and Eni have been buying more oil from Saudi Arabia for their refineries in Western Europe and the Mediterranean in the past few months.
"I'm buying less and less Russian crude for my refineries in Europe simply because Saudi barrels are looking more attractive. It is a no brainer for me as Saudi crude is just cheaper," an anonymous trading source with one major oil company told Reuters.
Russian Energy Minister Alexander Novak said Saudi Arabia targeting eastern European markets was the "toughest competition", Reuters reported.
-------------------------------------------------------------
Welcome to TomoNews, where we animate the most entertaining news on the internets. Come here for an animated look at viral headlines, US news, celebrity gossip, salacious scandals, dumb criminals and much more! Subscribe now for daily news animations that will knock your socks off.
Visit our official website for all the latest, uncensored videos: http://us.tomonews.net
Check out our Android app: http://bit.ly/1rddhCj
Check out our iOS app: http://bit.ly/1gO3z1f
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