The EU imports 6.6% of its crude oil from Saudi Arabia and 27.3% from Russia, but it could boost its energy dependence on Russia if supplies from the kingdom stall.
According to the European Statistical Authority, the EU runs a trade surplus with Saudi Arabia of €11 billion , and a quarter of Saudi Arabia's imports come from the EU. While the EU is an important destination for Saudi goods, taking 11% of the kingdom's non-oil exports, Saudi Arabia is the EU's 13th-largest trade partner in goods, equivalent to just 1.5% of total trade.
He stressed that Russia can exploit this situation in order to increase its oil exports to the EU. "We could expect Russia to step up exports to cover any potential physical deficit for the European market," he said. The latest indications from the kingdom that fixing the outage could take months would likely increase the risk for the crude-oil deliveries to Europe. , told CNBC.an energy security analyst at the Center for the Study of Democracy and a former oil consultant in Saudi Arabia
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