Russia can count on Saudi Arabia to buy its oil and more precisely its refined oil. The Kingdom more than doubled its imports of Russian fuel oil in the second quarter. Fuel sold off by Moscow which is used to supply the Saudi power stations and which above all allows Saudi Arabia to earn money.
Buying Russian oil at a low price in order to be able to sell its own production at a high price is a good financial move. This did not escape Saudi Arabia. Between April and June, the Kingdom imported nearly 650,000 tons of Russian fuel against 320,000 last year for the same period.
This fuel oil is used to supply the Saudi power plants which are running at full speed to meet the air conditioning needs which reach their peak in this season. It allows Saudi Arabia to reserve its crude for export to sell it at high prices on the international market.
Indirect support for Russia
By increasing its Russian imports, the Kingdom joined India and China who also benefit from the prices slashed by Moscow since the beginning of the war. A financial choice, which is also worth supporting the Russian economy and which risks making Joe Biden cringe when visiting Riyadh.
The American president seeks at all costs to isolate Russia, but also desperately seeks to calm the surge in the price of black gold. Joe Biden hopes to convince Saudi Arabia to increase OPEC crude production, which would help lower oil prices, which are exacerbating inflationary pressures. But the kingdom, which has retained its ties with Russia as part of the alliance between OPEC and other oil-producing countries (OPEC+), has little margin to increase its capabilities.
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