Saudi Arabia has promised a flood of cheap oil to Europe as it aims to hit its former ally Russia in its own backyard, but it looks like demand for the ultra-cheap Saudi crude doesn’t exist after all. Despite the flood of cheap oil Saudi Arabia has promised, some refiners in Europe, including supermajor Shell, are set to take less crude from the Kingdom in April amid plummeting demand in the coronavirus pandemic, Reuters reported on Thursday, quoting industry sources. Saudi Arabia, the world’s biggest oil exporter and OPEC’s top producer, has pledged to flood the market with oil in April after Russia refused to back deeper cuts proposed by the Saudi-led OPEC in response to the demand slump. The Kingdom is intent on unleashing growing crude oil volumes on the global market, aiming to significantly boost its crude oil exports to a record-breaking more than 10 million bpd […]