Posted on 07/15/2022 4:54:42 PM PDT by MinorityRepublican
The world's largest oil producer stepped up imports of Russian oil in the second quarter despite sanctions aimed at choking Moscow's energy flows, Reuters said.
Saudi Arabia imported 647,000 tonnes of Russian oil from April to June, according to data reviewed by Reuters. Saudi Arabia took possession of the oil from Russian and Estonian ports, and has thus far imported 320,000 more barrels from Russia compared to 2021 levels.
The Kingdom's increased willingness to grow its reliance on Russian oil is at odds with global powers which are trying to condemn the Kremlin and cut off its exports in response to its invasion of Ukraine in February. Reports say that President Biden's trip to Saudi Arabia isn't likely to yield a deal on oil, further straining price pressures in the US despite 20-straight days of decline prices at the pump.
The imports also allow the Kingdom to free up their own oil exports to reap in profits from the record-high prices on the international market. Some of the Russian fuel made its way to Saudi Arabia through Egypt, accounting for some of the 110,000 barrels per day imported from Egypt in June. Meanwhile, Egypt imported 70,000 barrels per day from Russia in June, Reuters said.
(Excerpt) Read more at markets.businessinsider.com ...
The falafel vote
I read a few year ago that Russia would make money all the way down to 15 bucks a barrel. Seems plausible.....but,
Q. How much does it cost to produce a barrel of oil in Russia?
A.Russian production costs are $3-$4 per barrel and Russian firms could probably profit even if oil prices were $25-$30 per barrel. Jun 28, 2022
.
Q. How much does it cost to produce a barrel of oil in Saudi Arabia?
A. In Saudi Arabia and Kuwait, production costs per barrel rarely exceeded $10 per barrel throughout the study period, and median costs were $5.40 a barrel. At the 95th percentile, the production cost was about $10 per barrel.
So, in essence we are buying Russian oil and supporting the attacks on Ukraine. Great job, Joe!
What’s the next step in you plan to destroy the USA?
I expected him to be “bobbing for apples” under MBS’s skirt.
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