Saudi Arabia is offering radical oil price discounts in a drive “to push out” Russian oil from Europe, Bloomberg reports in a story headlined:

Saudi Arabia is offering radical oil price discounts in a drive “to push out” Russian oil from Europe, Bloomberg reports in a story headlined: ‘Flood of $25-a-Barrel Saudi Arabian Oil Is Headed for Europe.’ On Tuesday, Saudi Arabia announced that it would raise production in April by 25% over February’s level. To sell the oil, state-owned Aramco offers allocations from 25% to 200% to a host of European refiners: Royal Dutch Shell Plc, BP Plc, Total SA, OMV AG, Repsol SA and Cepsa SA. To ensure fast delivery, Aramco has stocks in Rotterdam, for northwest Europe, and near Alexandria, Egypt, for the Mediterranean.