Saudi Arabia is in talks with European states over oil and energy requirements, because Europe is experiencing an energy crisis. Previously, Russia was the biggest exporter of LNG to the region but European and American sanctions have limited their exports. Instead, the EU looked to Saudi Arabia who exported 950,000 barrels per day of crude to Europe last month, compared to 490,000 bpd in the same period a year earlier. These talks will likely lead to more EU-Saudi ventures as they look to meet the rise in demand for oil.
- Saudi Arabia in talks with European countries to boost oil exports