Saudi Arabia buys Russian oil, sells its own to Europe
Saudi Arabia is snapping up millions of barrels of Russian diesel that Europe no longer allows, while simultaneously sending its own supplies back to buyers in the EU, Bloomberg reported.
Saudi Arabia buys Russian oil, sells its own to Europe
The Economics of Geography

Saudi Arabia buys Russian oil, sells its own to Europe

Photo: iStock
Eurasia 01/06/2023 07:00

Saudi Arabia is snapping up millions of barrels of Russian diesel that Europe no longer allows, while simultaneously sending its own supplies back to buyers in the EU, Bloomberg reported.

Saudi Arabia imported 174,000 barrels of diesel and gasoil a day from Russia in April, Bloomberg reported earlier this week, citing data from analytics firm Kpler.

This figure comes in contrast to 137,700 barrels per day recorded in the previous month. Imports kept rising in May, and amounted to 191,200 barrels a day in the first two weeks of the month alone, marking a record high since 2017, Azerbaycan24 wrote, quoting the news site.

At the same time, the Middle East nation emerged as the European Union’s number one supplier, leapfrogging Russia since February. The kingdom, however, is reportedly not reselling the diesel and gasoil that it receives from Russia, as such a move would be considered a breach of sanctions, the article explains.
Saudi Crown Prince Mohammed bin Salman, Brigadier General Yussef Saleh al-Salim, Russian President Vladimir Putin and Saudi King Salman, during a welcome ceremony in Riyadh on October 14, 2019. (Photo: AFP/Saudi Royal Palace/Bandar al-Jaloud)

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