Saudi Arabia gets physical with Russia in underground oil bout

Behind a Saudi-Russian truce to stabilise oil markets with a record output cut, market players are seeing the two production heavyweights still trading blows in the physical market.

"Beyond the cooperative statements the fight is still going on," a source at a trading firm told Reuters, adding that Saudi Arabia's official selling prices signalled that the kingdom was targeting the Asian market, where demand remains relatively resilient during a global slowdown. Supplies of Aramco's Arab crude oil including Arab Light, the closest grade to Russian flagship in terms of quality, will rise to Italy, Turkey, Greece, France and Poland in April.Polish refineries will import a record 560,000 tonnes of Arab Light crude via Gdansk in April, the data shows.

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