Not entirely unrelated...
Does anyone have a reasonably solid source for what the discounts Russia have been giving to China and India are (and have been, if different)? I just heard -$30 / barrel of oil from an acquaintance who’s retired from the biz.
I’d prefer something like a reputable industry publication to back that up, tho’.
Yep, it was $30 at one point - earlier in the war.
I’ll search and post on the subject.
Quick search says, India/China were getting a discount of $30 earlier in the war with discount currently around $20.
September 30 article:
“At one point Russian Urals crude was more than $30 a barrel cheaper than Brent crude (the global benchmark). By the end of September it was around $20 a barrel cheaper.”
https://www.bbc.com/news/world-asia-india-60783874
Article from September:
“Russia’s discount bonanza for India
In May, supplies from Russia were priced at $16 cheaper than the average Indian imported crude oil barrel of $110. In all, Russia has so far reduced $30 on every barrel of oil it sells to India.”
https://qz.com/russia-is-offering-india-more-crude-oil-discount-1849523766
September article:
“Since the invasion, Russian oil has traded at discounts of as much as $30 a barrel compared with Brent crude, the international benchmark. “
https://www.ft.com/content/b38d3ab5-ea57-400e-87e9-f48eaf3e0510
From June:
“India’s getting its oil from Russia at 30 per cent below the Brent crude price, which is the main global benchmark of oil prices. Brent crude prices are currently at $120 so India could be getting its crude at below $90.”