Boris Johnson Plans To Fly To Saudi Arabia For Oil Talks
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Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.
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 ....