Posted on 07/26/2022 3:26:51 PM PDT by BeauBo
Asian nations are letting up on discounted Russian oil exports, with Bloomberg data showing a 13% decline over the past four weeks as Chinese and Indian demand ease, chipping away at Russian oil revenues.
China and India account for purchases of 55% of Russia’s seaborne oil exports; however, Chinese demand over the past four weeks has dropped by 52,000 barrels per day, while Indian demand has eased by 18%, according to Bloomberg.
Reuters also reports that Chinese state-run Sinopec–the biggest refiner in Asia–reduced purchases of discounted Russian ESPO crude oil this month after refusing to outbid Indian buyers.
Citing trading sources, Reuters said Sinpoec’s move was purely mathematical and not geopolitical...
Beginning in May, however, China has seen a 14% decline in Russian oil purchases due to renewed COVID-19 lockdowns that hampered Chinese demand.
Last week, Bloomberg reported that Russian crude exports to China and India were down 30% from their peak in April and May, shortly after Russia launched its invasion of Ukraine and sanctions were put into place.
(Excerpt) Read more at oilprice.com ...
Russian oil and gas revenues are doomed, like Russian officials are doomed to hellfire, for the atrocities they committed, and condoned.
What a foul stain on the soul it is, to have known of the torture and killing, and to have chosen to ally oneself with it. Whoring your integrity for money.
The cap is coming. December 5th. It serves everyone’s interests, except Russia, which is as guilty as sin, and the whole world knows it.
Lower prices are as inevitable as night following day. That is what killed the old Soviet Union, and now Russia speeds toward the same end. Putin has earned it, by giving the country over to such blood thirsty sinfulness.
Russia is not going to abide the cap, more likely to double the price to entities supporting it.
Look at what happens between Russia and Europe on natural gas for reference.
If there won’t be Russian oil on market it is going to be 1973 part deux.
Brace for $200 oil.
Soviet Union was doomed by the fact that the Russians never viewed the West as enemy but mre like adversary and they believed that their communist system sucks and the problem for reconciliation with the rest of the world.
Nowadays the don’t have such illusions, and they don’t miss anything in the West as well. They know that you hate them for the very fact of their existence and going to stand their ground.
As for atrocities I have no idea what are you talking about, but yet to see Bush and any of military leaders prosecuted for scores of innocent Iraqis killed under a false pretext.
Lay off the vodka, tovarisch
“ Look at what happens between Russia and Europe on natural gas for reference.”
Russia losing market share that took decades to build, in just months.
Prices may spike for a few weeks or months. Probably will. And then it will be over.
Customers will have moved on to new suppliers, and Russia can watch their fields decay, until such time that they can manage to implement a government that can abide by minimal standards of human decency.
Russia will be shunned as a monster for its brutality and cruelty. People don’t have to do business with Russia, or lend it money anymore. Divorces are painful, but the civilized world won’t stay in a relationship with a violent abuser.
Lash out in the short term if you must. If you have to be nuked down to ashes, then you have to be. But don’t expect normal people to keep up normal relations, while Russia goes about razing villages, torturing and murdering civilians, and plundering like the dark ages. No one else wants to live in that kind of world. Ultimately, it comes down to agreeing to fill up at a different gas station, and that is what is going to happen.
Orcs can stay in Mordor and eat their oil. Maybe Zimbabwe or North Korea will still let them visit for vacation. But the option of being respected as human beings was squandered by Putin and his silokiki mafia, in their crime wave.
There is no capacity elsewhere to replace Russian energy.
As for Russian brutality, what makes it special compared to let’s say, American brutality?:)
Your version of geopolitical consequences is not based on reality. Look what happens to the American influence in the world. Middle East, Africa, Latin America.
What are you going to do when USD is no lore a reserve currency and you are going to live on the international equivalent of $4000 a year?
“There is no capacity elsewhere to replace Russian energy.”
Not all of it overnight.
But much has already been replaced.
Russian oil and gas managers may have noticed that all the contracts and new investment go to their competitors. All of them.
It is just a matter of time.
The Russian government has proven itself to be evil, and untrustworthy with oil and gas supply, or revenue. They can’t be allowed to play with them anymore.
Russian energy will be/is being replaced as fast as physically possible, and cost is no object. The actions of the Putin regime are disgusting, and the free world will never accept them.
Ordinary Russians have no choice to replace their dictator in a fair election, so the whole country will have to be bled out to neutralize the threat that Putin’s government poses.
Are you talking to yourself? I mentioned a couple issues you failed they address.
Regarding trustworthiness, no business person shares your politicized opinion.
I am okay with Germany getting American gas for ten times the price when China is getting it for 1/10.
The energy cost is probably no object so far but it is going to get factored in the economy, giving away the competitive edge.
Mixing politics and economy is mightly communist and won’t end well. You guys are killing the ‘free world’. It is the thing of the past.
I wish I had such problems.
“ Mixing politics and economy is mightly communist and won’t end well”
If only you had had the balls to have told Putin that, before he squandered the oil and gas market that the Russian economy depends upon, by using it as a political weapon.
Now he has NATO weaponry blowing young Russians apart as well.
Putin is a master strategist, who has engineered the biggest Russian bloodbath since WWII. Mixing little Napoleon Complex dictators with the economy is mightly communist, and won’t end well.
This gaslightng is going to bring you nowhere.
Putin is not using commerce for weapon, your leaders do.
As for NATO weapons, I wouldn’t feel too comfortable in your shoes given the reports that Ukrainians are selling them to terrorists.
And you can be sure that the post-Cold War period of easy NATO military interventions is over. The American enemies are going to get the best for the time being.
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