Posted on 07/15/2022 4:54:42 PM PDT by MinorityRepublican
The world's largest oil producer stepped up imports of Russian oil in the second quarter despite sanctions aimed at choking Moscow's energy flows, Reuters said.
Saudi Arabia imported 647,000 tonnes of Russian oil from April to June, according to data reviewed by Reuters. Saudi Arabia took possession of the oil from Russian and Estonian ports, and has thus far imported 320,000 more barrels from Russia compared to 2021 levels.
The Kingdom's increased willingness to grow its reliance on Russian oil is at odds with global powers which are trying to condemn the Kremlin and cut off its exports in response to its invasion of Ukraine in February. Reports say that President Biden's trip to Saudi Arabia isn't likely to yield a deal on oil, further straining price pressures in the US despite 20-straight days of decline prices at the pump.
The imports also allow the Kingdom to free up their own oil exports to reap in profits from the record-high prices on the international market. Some of the Russian fuel made its way to Saudi Arabia through Egypt, accounting for some of the 110,000 barrels per day imported from Egypt in June. Meanwhile, Egypt imported 70,000 barrels per day from Russia in June, Reuters said.
(Excerpt) Read more at markets.businessinsider.com ...
How much of a discount did they buy it at?
Does Brandon know? 😃
Golly, oil is a fungible asset...
If we had a sensible president and he wanted to use sanctions,
he would have discussed the matter with other national
insiders.
Obama and Biden don’t have the slightest clue how to handle
foreign diplomacy. Obama was the big bowing buffoon. He
was laughed at. So is Biden.
If Trump would have felt the need to institute sanctions, I
can guarantee you he would have given the Saudis and others
some sort of perk trade-off, to keep them on our side.
Obama Biden just did it. They had no long term plan. They
had no clue how the dynamics would play out.
These are two of the biggest fools in our nation’s history,
followed by Jimmy Carter, Bill Clinton, and each of their
appointments.
Buffoons doesn’t begin to describe it. They are one big
collective wrecking crew. They are terribly destructive,
and the U. S. is always the nation that receives the
largest amount of strategic damage.
Smart
I’ll bet Saudi isn’t the only one buying Russian oil at a discount and selling. At a 30% discount, it’s pretty lucrative.
India and China are buying a lot at a steep discount.
Biden and Co.essentially financing both sides of the Ukraine conflict now? That’s quite a setup.
Not really. Different oils have differing levels of sulfur.
Venezuelan oil is very think, it will not pump unless mixed with a lighter crude.
I think India is IIRC.
Oh please. I’m sure European countries are encouraging them to do it. They need oil desperately. This allows them to virtue signal and say they’re not using Russian oil. It allows the Russians to still export. It allows the Saudis to turn a nice little arbitrage profit.
Its all a shell game.
Nope. They’re not alone in doing this. India is doing it too.
The old shell game.
What a farce this is.
Even at a large discount, the Russians are making tons of money.
I just saw a video that said we will be giving Iran money to not make nuclear weapons. They will use the money to build drones which they plan to sell to Russia for use in Ukraine.
Then those drones will be targeting the weapons we gave to Ukraine.
10% for the big guy!
President Retard did that 🤪
India actually needs the oil - SA has more than they know what to do with and they’re simply helping Russia unload it
India is buying more than they need and in turn re-exporting oil to Europe.
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