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Boris Johnson, the UK’s prime minister, is reportedly planning a trip to Riyadh to discuss a potential replacement of banned Russian oil.
According to Sky News, the trip has not been confirmed by Downing Street, and it has not been finalized, but Conservative legislators have been calling on the Prime Minister to approach Saudi Arabia for oil.
According to the Sky News report, Downing Street insiders believe Johnson has a better chance of success with the Saudi rulers because he’s closer to Crown Prince Mohammed, the de facto ruler of the Kingdom, than any other head of a G7 government.
But Saudi oil may not prove to be more favorable than Russian oil after the country just beheaded 81 people in a single day—the largest mass execution in the Kingdom’s modern history.
Rising oil prices have dealt a severe blow to UK households and companies. The Guardian reported last week that many British companies were struggling to make ends meet as the price of gasoline hit a record high of almost $2.10 per liter (1.60 pounds).
“In less than a year, fuel prices have jumped from £1.16 to £1.61. Because I cannot pass these costs on to our customers, I am having to swallow about 37% of my profit margin. It’s becoming really hard to keep my drivers on,” one delivery company owner told The Guardian.
Oil and fuel prices have soared following the Russian incursion in Ukraine, but they have been on a climb for quite a while. A decision by Downing Street to phase out Russian oil imports by the end of the year did not help matters, although public opinion seems to be in support of any punitive move against Moscow.
“The phasing out of imports will not be immediate, but instead allows the UK more than enough time to adjust supply chains, supporting industry and consumers,” the Department for Business Energy & Industrial Strategy said.
“The government will work with companies through a new Taskforce on Oil to support them to make use of this period in finding alternative supplies.”
By Irina Slav for Oilprice.com
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Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.