Posted on 05/12/2022 1:10:07 PM PDT by elpadre
MOSCOW. May 12 (Interfax) - Indian refineries took advantage of the sharp discounts for Russian Urals, ESPO and Sokol grades, to buy substantial volumes via tender and spot purchases for delivery in May and June, the IEA report said.
An estimated 25-30 million barrels were picked up, mostly through trading houses. They have also begun to negotiate longer-term contracts.
Trading houses (Trafigura, Vitol) reportedly sold the crude to Indian refiners on a delivered basis, covering shipping and insurance costs, which resulted in a price paid by India's refiners that is higher than the quoted discounts for Russian spot crude sales. On the other hand, South Korean refiners waived Urals cargoes and increasingly sought Middle East and US grades, the IEA said.
The EU remained the largest market for Russian oil exports in April, with 3.4 million bpd, or 43%. Its share, however, declined from 50% at the beginning of the year, with volumes falling by 535,000 bpd. The US and UK together accounted for 9% of Russian exports at the start of the year, but their share fell to zero in April. This drop was offset by an increase in loading to India (+730,000 bpd), with its market share rising from zero to 10%, and Turkey (+180,000 bpd).
With regards to their sales of gas/oil, I don’t see how sanctions have hurt Russia at all. The price from the well-head has doubled since February, and although some small reductions in European markets have been made, Russia is still selling and making a ton of money to finance their war.
H1B visas for all!
Come hither, all ye disloyal, subversive masses.
kick ‘em all out
send ‘em back to Modi
If the cheap energy is in China and India then manufacturing and production will offshore even more to those countries. They won’t need to come here anymore.
And we should cut off all commerce with Russia’s ally India. End H1B and send the all home or to Russia, their choice.
I agree H1B visas have become a dime a dozen and we are flooded with them. They must be curtailed. But I don’t understand the connection between that and the news story above. Please advise.
Or put another way, are we so desparate for cheap Indian labor that we'll overlook them allying with Russia?
Our congress critters are hungry for the money from the K-Street lobbyists who represent Indian interests.
India is much less aligned with Russia than they were during the time of Indra Gandhi. They were on the verge of going full Soviet back then. Russia was their ally against their arch enemy, Pakistan.
As the transition progresses, eventually India will have to drop or reduce Russian supplies, as secondary sanctions mount (if the war doesn’t end first). But until Europe stops buying Russian oil, there is only so preachy or forceful they can be with India
India is much less aligned with Russia than they were during the time of Indra Gandhi. They were on the verge of going full Soviet back then. Russia was their ally against their arch enemy, Pakistan.
As the transition progresses, eventually India will have to drop or reduce Russian supplies, as secondary sanctions mount (if the war doesn’t end first). But until Europe stops buying Russian oil, there is only so preachy or forceful they can be with India
I don’t care what they might be in the future. Currently they are dumping cheap labor and unwanted population on us, abusing that relationship while also buying Russian oil to help fund their war. No, this as to stop. They are not our ally, they’ve chosen to stand with Russia, time for us to completely cut them off. Send all Indians in the US packing, rescind all work permits, send them home or to Russian, their choice.
got it, thanks!
In retaliation, Joe Biden will impose sanctions on Apple customer service and boycott 7-11’s.
What about China?
India and China will be perfectly happy buying as much oil and gas as Russia can supply.
India's gain is the Europe's lost. Many European countries will head into recession, if not depression, if Russian oil is cutoff completely.
I wish I could buy Lukoil and Gazprom stock.
Will China get to keep our corrupt politicians?
I mean, they paid for them.
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