Saudi Arabia more than doubled Russian oil imports in the second quarter, freeing up their own crude for export

Despite sanctions, the world's largest oil producer increased its imports of Russian oil in the second quarter, according to a report.

Russian oil was imported by Saudi Arabia in the first half of the year. Saudi Arabia has imported more oil from Russia compared to the previous year.

The Kingdom's increased willingness to grow its reliance on Russian oil is at odds with global powers who are trying to condemn the Kremlin and cut off its exports. According to reports, President Biden's trip to Saudi Arabia isn't likely to yield a deal on oil, further straining price pressures in the US.

The imports allow the Kingdom to make money from the record-high prices on the international market. In June, some of the Russian fuel went to Saudi Arabia through Egypt. Russia supplied Egypt with 70,000 barrels of oil per day in June.

During the hot summer months, Saudi Arabia uses oil for its power grids. Many large cities in the Kingdom are far away from natural gas fields. During the summer, Saudi Arabia runs through 600,000 barrels per day, while during the winter it runs through 300,000 barrels per day.