Despite offering cut-rate prices, Saudi Arabia is struggling to find new buyers for its crude oil in Europe and the U.S.
Benoit Faucon and Summer SaidMany refiners in Europe and the U.S. are refusing to take more Saudi crude being offered at cut-rate prices, according to Saudi officials and oil traders, threatening the sustainability of a price war and battle for market share started by Riyadh.
Saudi Arabian Oil Co. said earlier this month it was cutting most of its prices and planned to boost its production by 2.5 million barrels a day next month. It acted after Russia refused to join a proposed output cut by the Saudi-led Organization of the Petroleum Exporting Countries.
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