Saudi Aramco CEO Amin Nasser said on Wednesday there were many uncertainties in the oil market ahead of planned European embargoes on Russian crude and products.

Nasser also told the Future Investment Initiative (FII) conference in Riyadh that market realignments were taking place with discounts being offered by Russia.

“The Russians, with the right discounts, they are able to place their crudes in different markets,” Nasser said, adding that crude from other producers in the meantime was being redirected, noting crude destined for Asia was being sent to Europe, North America and elsewhere.
Source: Reuters (Reporting by Aziz El Yaakoubi, Haddel Al Sayegh, Rachna Uppal and Maha El Dahan; editing by Jason Neely)