Days ago Reuters reported that Indian imports of Russian oil surged in June, reaching 950,000 barrels of cheap Russian oil per day. From May (where India imported 819,000 bpd) this marked a 15.5% rise, while simultaneously imports from its number one and (now) number three suppliers – Iraq and Saudi Arabia – dropped 10.5% and 13.5%, respectively. And this is a massive leap up from from the 277,000 bpd imported in April.
The Reuters report further underscored that as the West moves to ban and sanction Russian oil altogether, it’s China and India that now account for 50% of Russian seaborne exports, lured by hugely discounted prices compared to the Brent international benchmark.
“For thus says the Lord of hosts: ‘Once more (it is a little while) I will shake heaven and earth, the sea and dry land” Haggai 2:6
As we’ve been detailing, Russia’s energy earnings are already back to pre-war levels after five months of round after round of US and EU sanctions intended to “punish” Moscow and President Vladimir Putin, with analysts widely estimating Russia’s energy sales are now on track to reach $285 billion this year.
And the idea in Washington and Brussels all along was that efforts to block or impose a (currently still under discussion) price cap on Russian oil would somehow hinder the ongoing Russian assault on Ukraine. Instead, there appears the opposite effect emerging with blowback on US and EU populations amid higher prices at the pump.
Yet still, Treasury Deputy Secretary Wally Adeyemo recently acknowledged the lure of cheap oil could be used to get wayward countries like India or China on board, saying in statements to The Associated Press, “We think that ultimately countries around the world that are currently purchasing Russian oil will be very interested in paying as little as possible for that Russian oil.”
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