According to the results of June 2023, Saudi Arabia purchased an average of 193 thousand barrels of fuel per day from companies from Russia, which is ten times more than last year. In this respect informs The Reuters agency cites the calculations of traders and analysts from Kpler.
With such supplies, Saudi Arabia wants to generate electricity during the summer months when consumption rises rapidly due to the heat. In addition, cheap Russian fuel, purchased at a significant discount, allows us to maintain the volume of oil supplies to the world market, taking into account our own obligations to reduce production.
Fuel supplies from Russia to Saudi Arabia increased sharply after the EU accepted an embargo on the purchase of Russian oil products. According to the results of the first six months of 2023, while the country purchased 2.86 million tons of fuel, it bought only 1.63 million tons of fuel for the whole of 2022.
Analysts think Saudi Arabia has reaped significant benefits from the anti-Russian sanctions. If there was no fuel purchase, the country would use its own fuel and this would cause its own income to decrease. Also, some of the fuel is resold at a higher price, and by the end of July the number of such resales could double compared to June.
May 21 Bloomberg cites statistics from Kpler analysts reportedFor Southeast Asian countries, the extreme heat is causing increased demand for coal, gas and fuel supplies from Russia. At the same time, China and India remain the main importers of Russian raw materials.
Previously reportedSaudi Arabia and the UAE buy Russian oil products at great discounts.