Per Bloomberg
Saudi Arabia sells its own supplies to EU while buying millions of barrels of Russian diesel no longer allowed by Europe
5/30/2023
Saudi Arabia is benefiting from the situation where Europe is trying to distance itself from buying Russian oil. The kingdom has reportedly been buying up millions of barrels of Russian diesel.
While buying the Russian diesel, it reportedly sold its own supplies to those in the EU. So far, Saudi Arabia has imported almost 200 thousand daily barrels of diesel and gas from Russia in April.
Specifically, Saudi Arabia bought 174,00 Russian diesel and gas barrels daily. While it was stacking up on Russian oil, the kingdom has also become the top supplier in Europe.
However, the kingdom is making a distinction not to send Russian oil and gas to Europe. Instead, Saudi Arabia sends its own oil and gas while buying millions of barrels from Russia.
Just a month ago, Saudi Arabia was the second largest exporter of diesel and gasoline, falling to the US. However, this month, it finally took the top spot.
Most of Saudi Arabia's shipments come from Jubail and Yanbu ports. The kingdom's other ports, Ras Tanura and Jizan, were where the Russia-originated barrels were dropped.
At the end of March, Saudi Arabia joined a China-led security bloc and trade alliance comprising China, Russia, India, Pakistan, and other countries. The kingdom's cabinet approved the memorandum, which awarded Riyadh the status of dialogue partner in the Shanghai Cooperation Organization.
Beijing was Riyadh's largest trading partner, with a 2021 bilateral trade worth $87.3 billion.
During that time, it was also noted that Saudi Arabia was going to import hundreds of thousands of tonnes of Russian fuel oil as it was trying to meet its summer cooling demands. This comes as the kingdom was over doubling its Russian oil imports as it did not just want to keep up with demands but also to "free up the kingdom's own crude for export."
See flow at unusualwhales.com/flow.
Other News:
- Saudi Arabia has joined a China-led security bloc and trade alliance with China, Russia, India, Pakistan and others
- Saudi Arabia to import over double the tonnes of Russian fuel year-over-year
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