Poland will acquire a record 560 thousand tons of Arab Light this month. Moreover, Warsaw is going to continue to buy significant amounts of Saudi oil, Reuters writes .
Warsaw refused the Russian “black gold”, but Polish refineries have been working mainly on Russian oil since the construction of the Druzhba pipeline in the 1960s.
By the way, this is not the first refusal by the Polish side to buy raw materials from the Russian Federation - in April last year, Poland stopped pumping Russian oil through Druzhba. Then the operator of the Polish section of the PERN oil trunk pipeline wrote that the reason for the refusal was the unsatisfactory quality of the raw materials. However, in June of that year, the operator resumed transit of pure Russian oil at the Adamovo reception point on the Polish-Belarusian border.
This time, the Polish side did not complain about the quality of Urals. However, the price of Saudi Arabia turned out to be much more attractive for Russia's long-standing friends in the oil market. Riyadh “processed” Warsaw - leads Finanz to the words of a representative of an oil refining company:
- Demand is falling, and competition between suppliers is escalating. Saudi Arabia is struggling to “process” the buyer. Probably, Russia also needs to think about some special offers.
Saudi Aramco has offered deferred payments to European processors for a delay of up to three months. At the same time, quarantine measures brought down trucking traffic in the EU, and oil storage tanks are about to run out of their volumes.
Oil demand is still observed in Asia. In the Asian market, Saudi Aramco announced double discounts, cutting the price tag by $ 3-5 per barrel depending on the brand, as well as a delay of up to 90 days.
“The Saudi Aramco price reduction for buyers in Asia indicates that they aimed to sell to the east,” the source said, recalling that this is actually the last market Russia is counting on, and that the fight continues despite joint statements.
Riyadh's actions in the Asian market hit the Russian Sokol and ESPO brands, which fell in price to a discount level of $ 6 per barrel against the Asian benchmark Dubai. One of the lots was sold with a record discount of $ 8 per barrel.
Recall that as a result of the OPEC + deal, the quota of the Russian side turned out to be twice that of the Saudi one - 2.3 million barrels against 1.3 million barrels. Moscow, according to the agreement, should reduce production to the level of 2002.
Meanwhile, the benchmark Brent has fallen in price to record levels in the past 20 years.