Saudis say "All In"

Can’t spend our $6 a gallon gas buys fast enough. $7.5B in Q2.

https://www.wsj.com/articles/saudi-fund-spends-oil-windfalls…

They’ve probably spent close to that much again on the LIV golf tour guaranteed contracts.

1 Like

Can’t spend our $6 a gallon gas buys fast enough.

The U.S. is a net exporter of petroleum products. Even in absolute numbers, very little of Saudi’s exports (less than 7%) comes to the U.S. Most of their oil goes to Asian markets.

So more accurately, they can’t spend the RMB35 a gallon or the ¥160 a liter gas buys fast enough.

11 Likes

Over the next two decades as the world moves off oil mostly, SA will learn easy come easy go.

Standing corrected!

Paying the Saudis to buy America to save the world does not make much sense to me.

The Captain
some petrol in Portugal is now under TWO euros per liter (not gallon) – barely.

2 Likes

albaby1: The U.S. is a net exporter of petroleum products. Even in absolute numbers,

I always find this chart useful, it’s complicated.

https://www.eia.gov/energyexplained/oil-and-petroleum-produc…

Share of U.S. petroleum imports from OPEC and Persian Gulf countries has declined, while the share of imports from Canada has increased

Probably why I like my pipeline guys?

Tim

3 Likes

Oil will continue to fall as the global recession deepens.

We just do not know where the bottom will be.