Hoot of the Day
“Saudi Arabia is not the only country to buy oil from Russia. There are many other countries buying Russian oil and selling their own at a higher price to EU countries.”
Saudi Arabia Doubles Second-Quarter Russian Fuel Oil
Reuters reports Saudi Arabia Doubles Second-Quarter Russian Fuel Oil
Saudi Arabia, the world’s largest oil exporter, more than doubled the amount of Russian fuel oil it imported in the second quarter to feed power stations to meet summer cooling demand and free up the kingdom’s own crude for export, data showed and traders said.
Russia has been selling fuel at discounted prices after international sanctions over its invasion of Ukraine left it with fewer buyers. Moscow calls the war in Ukraine a “special military operation”.
Egypt Involved Too
Bloomberg reports Now Egypt Emerges as Major Supplier of Fuel Oil to Saudi Arabia
First Estonia, now Egypt: the countries emerging as surprisingly large suppliers of fuel oil to Saudi Arabia gets longer.
The sudden surge in Egyptian inflows and outflows bears the hallmarks of at least some Russian-origin fuel going to Saudi Arabia. It follows a similar hike in deliveries to the world’s largest crude exporter from Estonia, a nation that has no oil refinery.
The Russian cargoes are heading to the Egyptian Red Sea terminal of Ain Sukhna, where Aramco Trading Co. has storage. From there, the fuel oil is being shipped across the sea to multiple ports in western Saudi Arabia.
Saudi Arabia’s energy ministry referred questions on the flows to Aramco Trading, which declined to comment. Officials at Egyptian General Petroleum Corporation didn’t respond to requests to comment.
Biden Visited Saudi Arabia on Friday
The New York Times reports Biden’s Fraught Saudi Visit Garners Scathing Criticism and Modest Accords
That is a non-paywall link.
In the most politically problematic trip of his presidency, Mr. Biden’s critics accused him of helping rehabilitate the reputation of a tarnished prince in exchange for numerous, but limited gains.
In the most fraught foreign visit of his presidency to date, Mr. Biden’s encounter with Crown Prince Mohammed bin Salman gave the de facto Saudi leader a measure of the international rehabilitation he sought, while securing steps toward closer relations with Israel and an unannounced understanding that the kingdom would soon pump more oil to relieve high gas prices at home.
Mr. Biden’s discomfort was palpable as he avoided a handshake with the prince in favor of a fist bump that in the end proved no less problematic politically. While cameras recorded the opening of their subsequent meeting, the president made no mention of Jamal Khashoggi, the Washington Post columnist assassinated in 2018 by Saudi operatives, and the prince smiled silently when a reporter asked if he owed an apology to the family.
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Even the New York Times has had enough of Biden
The president wants Saudi to pump more oil but it has little capacity. Instead Saudi buys oil from Russia, and that is the only way it can appear to pump more.
Sanctions increased the price of oil so much that Russia make more than it did before selling oil at a discount to the world’s largest oil exporter.
What a hoot!
Meanwhile, the US and the EU are stupid enough to think they can cut the price of oil via a buyer’s cartel.
For discussion, please see A Laughable Explanation of the G7 Oil Price Buyers’ Cartel Emerges
Rather than admit economic fundamentals, G7 leaders, especially Biden and Macron keep doubling down on dumber and dumber ideas.
That was my hoot of the day on June 28.
This post originated at MishTalk.Com.
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Image and article originally from mishtalk.com. Read the original article here.