Riyadh's plan did not work: Europe did not buy Saudi oil

Oil refineries in Europe and the United States began to refuse to purchase additional volumes of oil from Saudi Arabia. And this despite the fact that Riyadh has seriously reduced prices. It is reported by the American newspaper The Wall Street Journal, citing its sources.

The publication notes that in this regard, the Saudis began urgently looking for new buyers for their oil. The current situation is explained by the fact that all existing oil storage facilities are filled with buyers and they simply have nowhere to store additional volumes. So now Riyadh is in a quandary.

It is clarified that the demand for oil due to the effects of coronavirus has fallen even in India, which before that has always been glad to buy any amount of oil at a price lower than market. At the same time, Russia managed to redirect its oil to China on time, which gradually began to recover after the outbreak of the COVID-19 epidemic, and its economy started showing signs of recovery.

It must be recalled that before this, Saudi Arabia decided to “move” Moscow to the world oil market, significantly reducing the price of “black gold”. Before this, there was a real collapse of the planet’s oil market. This happened after the OPEC + deal was broken in early March 2020. But the Saudis did not think enough, and they wanted to take a chance.
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  1. Alexander Semenov (Alexander Semenov) 27 March 2020 13: 07
    But Russia doesn’t have any plans at all, all at random. Do not worry about the Arabs, they will be supported.
    1. Ivan Ivanov_18 Offline Ivan Ivanov_18
      Ivan Ivanov_18 (Troll trolls) 27 March 2020 13: 10
      "Very worldly"! I've already heard it somewhere.
      1. Arkharov Offline Arkharov
        Arkharov (Grigory Arkharov) 27 March 2020 15: 14
        Do we usually hear from you?
        1. Ivan Ivanov_18 Offline Ivan Ivanov_18
          Ivan Ivanov_18 (Troll trolls) 27 March 2020 17: 39
          Trololo, amusing people with a striptease of your interaural ganglion?
        2. sgrabik Offline sgrabik
          sgrabik (Sergei) 29 March 2020 12: 00
          And we, as usual, hear this liberal nonsense. Enough of this pro-Western crap already. It is always economically much more profitable to stably receive oil through the pipeline, under long contracts, than to build additional terminals and transport it with tankers. To understand this, that there are not enough brains ???
  2. 123 Offline 123
    123 (123) 27 March 2020 14: 57
    Yes, yes, morally, then. China bought 1,6 million tons of Russian oil, and the Saudis are doing like this:

  3. Arkharov Offline Arkharov
    Arkharov (Grigory Arkharov) 27 March 2020 15: 17
    China took advantage of the drop in oil demand in Europe against the backdrop of the coronavirus pandemic to replenish its reserves with oil from Russia. According to traders, the PRC has already purchased 1,6 million tons of Russian oil for delivery by sea in the next four weeks, Reuters reported on Wednesday, March 25. At the same time, the Chinese are enjoying not only a drop in oil demand in Europe, but also low prices for Russian raw materials. Experts believe that China’s purchase of Russian oil may also indicate that China is using the collapse in prices to replenish its strategic oil reserves.

    “And what a special joy they will fill the vaults too, and what's next?” Was it a sin not to use this?
  4. shadow Offline shadow
    shadow 27 March 2020 15: 42
    The same goes for China. China is buying up all of Russia's oil, even from the Baltic. But it seems that someone shouted that everything was gone when the Reuters reported that China would not buy Russian oil.
    1. maidan.izrailovich (Maidan Izrailovich) 27 March 2020 16: 36
      But it seems someone screamedthat everything was gone when the raters reported ....

      Not screaming, but bleating.

      Archar, or Mountain sheep, or argali, arkar, kachkar (lat. Ovis ammon) - artiodactyl mammal from the family of bovids, .....

  5. Alexzn Offline Alexzn
    Alexzn (Alexander) 27 March 2020 18: 12
    The note is missing logic. Europe ceases to buy Saudi oil not because they do not need it, they simply overflow the storage facilities. Russia sells oil at dumping prices to China, which will also fill its storage facilities, and what's next? Not only that, now the price has gone below 30, so then, with the storages full, prices will be dropped not only by Saudis, but also by consumers.
    With regards to shale oil. Yes, she will go into the shadows for several years. Will it undermine the US economy? Of course not! In general, low oil prices are more beneficial to their economies than shale mining.
    I dare to assume that the peak of oil consumption is not far off and demand for it will begin to fall before the explored deposits are exhausted. It seems that all oil-producing countries will rush to monetize resources and we are waiting for times of price wars and, most likely, low oil prices.
    1. boriz Offline boriz
      boriz (boriz) 27 March 2020 22: 22
      Yes, she will go into the shadows for several years.

      This is not less than 600 unemployed and their families. And that’s all - Trump’s electorate.
      1. Alexzn Offline Alexzn
        Alexzn (Alexander) 27 March 2020 22: 52
        Yes, but cheap gasoline at gas stations is already hundreds of millions of motorists and among them voters too. I do not know what will outweigh.
        The oil price war does not threaten Trump - not his puncture, but the coronavirus may raise the question of his re-election.
        1. boriz Offline boriz
          boriz (boriz) 27 March 2020 23: 47
          He always has the answer that the liberal media panicked. There was a flu epidemic in the United States last fall. Up to 20 million sick and 20 dead. And nothing ...


          Gasoline has fallen in price a bit, thanks to KSA, or specifically there is nothing to eat and pay for housing, and for studying for yourself or for children, and loans ... A very big difference.