Saudis Resell Russian Oil to EU | The Most Revolutionary Act

all major oil-producing countries have used oil price hikes on the global market to profit exponentially more while having to pump virtually the same quantity of oil. This is especially true for Saudi Arabia, the world’s third-largest oil producer, right after Russia and the US. After the political West imposed sanctions on Russia, the markets went into a frenzy, which immediately caused an increase in the price of all energy products, including crude oil. However, now it was Russia that was selling the cheapest oil, making it extremely attractive for other countries which simply couldn’t afford anything more expensive. Soon, massive oil importing countries like China and India started buying more Russian oil than ever before.

At this point, Russia was starting to overtake Saudi market share in other countries, including China, one of the world’s largest oil consumers. At a glance, this should’ve made Saudis more open to the idea of ramping up oil production and causing a drop in prices. But again, why would they do that for the interests of the US, whose government takes an openly hostile approach toward the oil industry, including its own? Expectedly, Riyadh had to find an alternative. And that’s exactly what happened after it made a deal with Russia within the OPEC+ framework. Among other things, this deal also seems to include an increase in Saudi import of cheaper Russian oil. And indeed, according to Reuters, the Wahhabi monarchy doubled its Russian oil imports in the second quarter of this year.

Now, we might ask ourselves, why would the world’s third-largest oil producer and a net exporter want to import more oil? Although it might not have much sense at a glance, in reality, it is very convenient for the Saudis to do so. After the political West imposed the suicidal sanctions on Russia, effectively enforcing an oil embargo on itself, Saudi leadership realized how much of an opportunity this was for Riyadh to buy the cheaper Russian oil and then re-export it to the European Union and elsewhere. For Russia, this was not only acceptable but even desirable. The EU, which did just as much damage to Russia’s interests in the post-Soviet region as the US itself, is now effectively still buying Russian oil, just through a middleman, paying exorbitant prices to get the same amount of oil as before February.

Saudis Resell Russian Oil to EU | The Most Revolutionary Act