• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 days Does Toyota Know Something That We Don’t?
  • 6 days World could get rid of Putin and Russia but nobody is bold enough
  • 2 days America should go after China but it should be done in a wise way.
  • 8 days China is using Chinese Names of Cities on their Border with Russia.
  • 9 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 9 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 9 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 8 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 9 days Putin and Xi Bet on the Global South
  • 9 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 10 days United States LNG Exports Reach Third Place
  • 10 days Biden's $2 trillion Plan for Insfrastructure and Jobs

Boris Johnson Plans To Fly To Saudi Arabia For Oil Talks

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.

ADVERTISEMENT

“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

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News