Meanwhile western countries are getting pummeled by inflation, shaky supply chains, economic pain.
German energy site Blackout News here reports that Russia’s oil exports remain unfazed despite the embargos by western countries.
“In the second month of the war on Ukraine, Russia exported more oil than a year earlier, despite the oil embargo, notes Blackout News. “According to the report, Russian oil is going to Asia in tankers. Although Russia is giving a hefty discount, given the drastic increase in prices, revenues have barely dropped from last year.”
So who is snapping up the oil? India, the world’s third-largest oil importer – all thanks to ” heavy discounts of up to $40 per barrel”. Still, Russia is making enough cash to keep the state afloat.
7 million barrels exported DAILY
To give some scale of the huge volume of oil Russia produces. Blackout News adds:
“In 2021, Russia produced about 10.5 million barrels of crude oil and oil products daily. Of that, 7 million barrels a day went into exports. This is roughly equivalent to 13 percent of the world’s oil trade. Of this, 2.7 million barrels of oil and 1.5 million barrels of oil products went to Europe before the war. This represents more than half of Russia’s exports. Much of this was transported by pipeline and rail.”
Blackout News also writes that though Chinese state-owned companies are “holding back” on doing oil deals with Russia, “private Chinese oil companies are already buying up large quantities of Russian oil at deep discounts, according to a report in the Financial Times.”
8 responses to ““Russia Exporting More Oil Than Before War”…India, China Snapping Up Tankers Of Oil At Large Discounts”
[…] “Russia Exporting More Oil Than Before War”…India, China Snapping Up Tankers Of Oi… […]
How to crash the market.
Yeah, Russia sells China and India 7,000,000 barrels of oil for 50 dollars per barrel, not a problem. Hoarding oil is Verboten! Sell the stuff all the time to anybody. Quit being so selfish and greedy. It’s ours says Putin, we reserve the right to refuse service to anybody. China and India can buy Russia’s exportable oil, nobody else can. Too bad, sucker.
All your oil to us belong says Biden. Nicht so schnell says President Putin Head.
Your basic run-of-the-mill, garden-variety black market, close to it, anyhow.
Oil is fungible, it’s everywhere, Russia has oil for sale, don’t need as much as they produce. China and India make a phone call. Putin answers.
Not exactly a fair market, however, all is fair in love and war. You gotta roll with the punches.
Russians are shrewd horse traders, can’t really fool them. Besides, they’re people too and they need to rodeo from time to time.
14,000 years of human history, 4,500 years after the last ice age which is still here, have to re-populate, 14,000 wars later, people are still at war.
Forget about it all, make some peace and let’s all get along.
Not too difficult to see a better world. This Dark Age ain’t it.
Thanks to our belligerant politicians: https://twitter.com/jakluge/status/1522643473467420675?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1522643473467420675%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.frontnieuws.com%2Fwelke-sancties-de-russische-olie-inkomsten-stijgen-met-50-en-bereiken-een-recordhoogte%2F
How many bbls/d can Russia’s pipelines handle? Do they have deep water ports to handle super tankers and could they access the Suez?
Dear Hanrahan, Just have a look: https://www.iea.org/articles/energy-fact-sheet-why-does-russian-oil-and-gas-matter
The USA is also exporting record high amounts of gasoline
Should Biden prohibit that?
The only price that is really important to the Russians is how it compares with the cost of production ets.
So just when will those Greenpeace Idiots go and try and block their oil Tankers with their Fossil Fueled Ships Arctic Sunrise or Rainbow Warrior II?