Posted on 03/31/2022 3:53:50 PM PDT by nickcarraway
-In response to Putin’s aggression in Ukraine, many countries have introduced total bans on Russian crude. -As a result, Russia has been forced to sell its oil at a heavy discount. -The steep discount is making it impossible for India and China to resist.
Since Russia invaded Ukraine in late February, several countries have introduced sanctions on the country, restricting trade and stopping Russian energy imports. This has led to severe oil and gas shortages worldwide. But some governments are using this situation as an opportunity to establish a closer relationship with Russia while demand for its huge oil and gas supplies is low, providing countries with low-cost energy imports.
While Australia, Canada, the U.K., and the U.S. have introduced total bans on Russian oil purchases, the EU and several other state governments around the world have refused to follow suit. It is thought that introducing sanctions and import bans on Russia will hit its economy hard, encouraging President Putin to pull out of the conflict in Ukraine. However, many governments recognize the importance of the Russian oil and gas supply, as one of the top three crude producers worldwide.
In 2021, Russian oil output totaled 10.5 million bpd, equating to 14 percent of the global supply. Russia exported approximately 4.7 million bpd of crude last year, with China as its main importer with around 1.6 million bpd, while it supplied 2.4 million bpd to European countries.
(Excerpt) Read more at oilprice.com ...
Ping
With the way the US treats other countries, why would India bow to our wishes?
We could export oil to them, but that is a non-starter.
Oil is fairly fungible. If Europe won’t buy, it can be sold to other countries, who in turn won’t need to buy oil from the Middle East.
You are a smart poster. Much smarter than Nick.
So Russia has to sell it well below market prices.
So you are saying if demand goes down the price will stay the same or go up?
Which is exactly the reason why Russia can not be defeated and dismantled. It has more natural resources than any other country. Only the communist system keeps it from making Russians very rich.
China and India have joined Joe and Russia in burying America.
If you cherry-pick a small piece of data, you can make it look the way you want.
Yes, because I'm not a war hawk, and won't follow leftist economics, I am dmb.
What I’m saying is that WORLD demand will stay fairly constant. If Europe stops buying Russian oil, then they have to buy it elsewhere. If Russia can’t sell to Europe, they can discount it enough to sell elsewhere.
It imposes a cost on Russia. But it also imposes a cost on Europe.
So you believe China was pro-America before this? interesting.
BRICS just had a summit on Energy Security. No reporting here, I’m curious as to what they have in mind.
I never said it didn’t impose a cost on both sides. I said there is a real cost to Russia, and Russia is more desperate for money. They rely on that, and are less able to take the penalty. That’s just reality.
You are one of those people who believe China released COVID to help the USA. Or maybe you think the USA released it to attack China?
😂😂😂
“It has more natural resources than any other country.”
A fact that none of the political geniuses in this country have even given thought to.
I doubt if Russia even knows what it really has. And they’ll go after it after they find it.
Well, then make it not so cheap. No more H1B, cancel existing H1B, no more commerce from either country. In fact, how about ending student spy visas, etc.? Bet they’d both decide cheap Russian oil not worth it before the ink dries.
Oh goodie. China will have cheaper fuel while North America and Europe will go with expensive wind and solar. Even though we COULD make our own cheap fuel.
If you were planning a new manufacturing plant where would you put it, especially now that Trump’s tariffs on Chinese goods are gone?
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