Saudi Arabia more than doubled its imports of oil for power generation from Russia in the second quarter. According to Reuters news agency, citing Refinitiv data, 647,000 tons of oil reached the Kingdom through Russian and Estonian ports from April to June.
This equates to 48,000 barrels (159 liters) per day (bpd). In the same period last year, the amount was 320,000 tons. Saudi Arabia, the world’s largest oil exporter, uses the imported oil to generate electricity and can then export its own crude oil. A particularly large amount of electricity is needed for cooling in the hot summer months.
In view of the international sanctions, Russia sells its oil on the world market at significant discounts. Against the background of the Ukraine war, many states are refusing to buy Russian oil. On the other hand, others such as China and India, as well as numerous countries in Africa and the Middle East, have increased their imports.
In the coming days, US President Joe Biden is expected in Saudi Arabia, a traditional ally. He is under domestic political pressure to persuade the kingdom to increase oil exports in view of the comparatively high gasoline prices in the USA. Congressional elections will be held there in November.
