Saudis Planning For A War Of Attrition In Europe With Russia’s Oil Industry

Monday, November 16, 2015
By Paul Martin

by Tyler Durden
ZeroHedge.com
11/16/2015

Russia’s central bank recently warned about the growing financial risks to the Russian economy from Saudi Arabia encroaching upon its traditional export market for crude oil. Russia sends 70 percent of its oil to Europe, but Saudi Arabia has been making inroads in the European market amid the oil price downturn. The result is a heavier discount for Russia’s crude oil, the so-called Urals blend. Russian officials have accused Saudi Arabia of “dumping” its oil in Europe, a move that Rosneft chief Igor Sechin said would “backfire.”

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