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Russia’s Oil-Dominance In Baltic Dented By Saudi Deal

OIL
  • Saudi Arabia’s planned purchase of Polish refining assets is set to put OPEC's top producer in charge of two thirds of Poland's oil supply, eroding previously dominant supplier Russia's leverage as it grapples with regional tension. (Reuters)
  • Poland has consistently been seeking deals with alternative suppliers. Worsening relations have emphasised the desire to reduce its dependence on Russian energy imports.
  • Polish-Russian relations had already deteriorated over oil supplies early in 2021 when Poland had to cut its oil purchases from Russia because of a price row between Russia's Rosneft and Poland's PKN Orlen.
  • Last Wednesday, the Saudi state oil giant said it had agreed to buy a 30% stake in Poland's second largest refinery and to increase oil supplies to the state's top energy firm PKN Orlen to 200,000-337,000 barrels per day (bpd).
  • PKN Orlen commented: "We value our business relationships with both Russian partners and other suppliers of crude oil to our refineries."
  • Two sources close to the Saudi deal said it mattered considerably to Poland, but was unlikely to have any bearing on internal politics within the OPEC+ group. (RTRS)
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