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Posted on 08/19/2025 7:31:58 AM PDT by marcusmaximus
Treasury Secretary Scott Bessent on Tuesday accused India of profiteering from cheap Russian oil imports during the war in Ukraine, describing the practice as "arbitrage" and condemning it as unacceptable.
"They are just profiteering. They are reselling," Bessent told CNBC's "Squawk Box" in an interview. "This is what I would call the Indian arbitrage — buying cheap Russian oil, reselling it as product."
"They've made $16 billion in excess profits — some of the richest families in India," Bessent said.
(Excerpt) Read more at cnbc.com ...
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I had some discussion recently with a guy challenging global consumption vs production. It was not an absurd challenge because numbers are numbers.
The consumption / production differential globally is over 4 million bpd with raw numbers. There are some definition differences what is oil — and oil enroute on tankers at any moment sometimes are measured differently as to shipment vs receipt, but even with the most reasonable adjustments I can imagine, the scarcity is still over 1 mbpd.
This is why you can’t imagine erasing 6-7 mbpd of systemic supply from the planet and expect that to work. Russia’s source of overwhelming power is not . . . NOT . . . its oil production. It is its surplus. It produces almost 3X its consumption.
That is so rich; this was actively encouraged and American assisted in the plan to move this oil via India and “US Connected” middle men to profit.
Look at everything American has been involved in global politics. Every time there is an Oil opportunity to be created for American Control and Profit, we are involved.
Ukraine is a case in point, in that Trump’s Mineral rights deal was more about oil than minerals. American was willing to import Russian Oil to Europe and take a cut.
The Armenian deal was only about oil - the Trump corridor... and the pipelines and pumping stations of the other partner destroyed completely in Ukraine over four days.
As long as Trump can turn a dime, Oil from anywhere in the world can flow if the US profits from it - we don’t care from where or who it comes, just so we make a profit.
That we are complaining about India making money from a scheme and enterprise that we helped them set up is something to behold.
Trump’s now complaining after he farted in the elevator and everyone jumped out... his tariffs (Sanctions) against India ended any American profiteering from Russian Oil when he broke the trade ties.
Since Alaska, Trump’s handling of SANCTIONS, not Tariffs as he calls them, will change for the better or the worse. If he doubles down against Brics it will not end well for the US in the middle of a recession yet undeclared.
It is wondrous to watch you, MM, exercise your erudition and wit on yet another thread of actual cogent comments and discussion.
Recalling your words from last March
"Putin's botched invasion of Ukraine is over."
8 posted on 3/18/2025, 11:57:55 AM by
“Profiteering” is a Marxist concept. India has been a good ally, notwithstanding our H1B opponents, and we have no right to tell them where they must purchase their oil.
:-P
Russian hoes mad.
A million people dead in our time. Hilarious.
Sounds like capitalism.
H1-B was created by politicians voters elected. But those politicians ignore your rants on this forum because you don’t contribute enough. Big corporations such as Google & Microsoft control the politicians, not you.
Do you just make up numbers like that all the time?
That is President Trump’s number. A million dead in Europe because butt hurt Russian revanchists want their empire back.
So you reinforce your point by citing the most famous person in modern times for his wild exaggerations and hyperbole? LOL.
Before the war in Ukraine, less than 1% of India’s oil came from Russia. Now it is 42%.
The system is allowing India to profiteer by buying cheap Russian oil, reselling it, and pocketing $16B in excess profits.
This opportunistic arbitrage is unacceptable.
End hlb, then kick the rest out
India should should stop sending it’s hoards to take American jobs, and promote marxism.
Entire Ukrainian cities have been genocidally erased. Moscow Kremlin leaders have never minded sacrificing their Russian serfs for empire. A million deaths after 3 years of the biggest war in Europe since WW2 is totally plausible.
But it is very European Commission-ish.
Sorry, I can't. I'm not in charge.
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