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Saudi Arabia floods markets with $25 oil amid price war with Russia

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Updated:

Reuters quoted five trading sources said on Friday, saying that Saudi Arabia is flooding markets with oil at prices as low as $25 per barrel.

The Saudi move is mainly targeting big refiners of Russian oil in Europe and Asia, as it seeks to escalate the price war with Moscow for market share.

The sources said that Saudi state oil company Aramco told them it would supply all requested additional volumes in April.

Oil reaction

Oil prices have moved-off low, still defending gains amid risk-on market mood. WTI trades close to $32, having hit a daily high of $33.87 and a daily low of $31.15.

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