Saudi Arabia cuts oil prices for European market, where Russia has a dominant position, reports Bloomberg. The price cut is at a range of 30-45 cents per barrel. At the same time, according the source, the oil prices for the American buyers went up.

In 2016 Riyadh exported 42.5 million tons of oil, gas, and oil products to Europe, taking the fourth place in oil exports. The oil demand is now growing in the European market, says NBD analyst Edward Bell. “Holding on to that at the expense of pushing Russian barrels out will be quite important” he said.