Russian oil products are heading to the crude-rich Persian Gulf as the UAE and Saudi Arabia take advantage of cheap barrels

News Snapshot:

Russian President Vladimir Putin with Saudi Arabia's Ambassador to Russia Abdulrahman Al-Rassi. Reuters/Sergei Karpukhin Gulf nations are snapping up cheap Russian oil products while exporting their own crude at market rates. Saudia Arabia and the UAE have emerged as key storage and trading hubs for Russian products, the Wall Street Journal reported. Russia is sending 100,000 barrels a day to Saudi Arabia, up from effectively zero pre-Ukraine war, Kpler data shows. Petro-rich nations in the Persian Gulf are buying discounted Russian oil products as Moscow continues to seek willing buyers while the West shuns the warring nation. The United Arab...