According to Dr Nakhle, the Saudis seem to be happy to import Russian oil, which is purchased at a discount, as this frees state giant Saudi Arabian Oil Co. to export its crude at market prices rather than burn it.
This turns out to be a win-win situation for the Russians and, even, for the Europeans and the US.
“Will Norway turn the energy crisis into opportunity?“, Dr Carole Nakhle, Aug 2022
“Russia’s oil is in long-term decline – and the war has only added to the problem“, Dr Carole Nakhle, Jul 2022
“Aramco Q2 earnings in line with industry trend“, Dr Carole Nakhle, Aug 2022
“Record profits for oil-producers“, Dr Carole Nakhle, Aug 2022