Experts positively evaluate this phenomenon and emphasize that this is the essence of economic restrictions: to reduce the Russian Federation’s revenue.
The United States accused India of making money by buying Russia’s oil on a discount and sale of fuel received from it at market prices, which provides money for Russian military engine. However, the introduction of 50% of Indian duties, along with the penalties of the European Union against Indian Rosneft Refinery, which has made Russia’s oil cheaper for consumers. In particular, we talk about China, which began to interfere with the part of India’s delivery, the Bloomberg reports
Experts positively evaluate this phenomenon and give it, which is the essence of economic restrictions: to reduce Russia’s revenue.
The Urals oil discount increased to 3-4 dollars per barrel related to Brent (considering delivery). Meanwhile, another $ 2.5 was offered that week by the Urals, and in July – at all $ 1 per barrel.
Compared to a similar variety from Oman, Russia gives a discount of $ 7 per barrel, and India’s refinery is difficult to abandon such a attractive offer.
Now the Urals barrel is worth 1 dollar less than the White House threatened to increase duties from 25% to 50%.
Chinese companies that have traditionally receive other varieties – Far Eastern and Arctic are connected to the purchase of Urals batches. Chinese oil purchases with delivery in October have grown almost 10 times compared to parties purchased with delivery in September-from 50 to nearly 420 thousand barrels per day, says Tom Reed, Vice President of Argus Media.
As you know, India has denied US requirements to stop importing Russia’s oil, as supplies are said to “maintain the world’s economy” from a jump to prices.
Russia has increased its oil discount for India – the media
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.