Saudi tries to replace Russian oil in refineries

Last Thursday (12), sources told Reuters that Saudi Arabia wants to reduce the market share of oil types from the Russian Ural region. To do so, the country would be offering its own barrels with low prices and trying to replace Ural oil in refineries around the world.

According to the sources, it appears that the plan has already begun to take effect, since some refineries would be carrying out orders for extra volumes of oil from Saudi Arabia for shipment in April at "very attractive prices".

"They (the Saudis) knocked on all the doors offering a lot (oil) and cheaply," a source from a large Western company in the sector told Reuters.