India imports full blast from Russia, laying the groundwork for demolishing EU sanctions
Rosneft, the largest oil producer in Russia, will ship seven tankers full of crude oil this month to India's main refinery, Indian Oil Corporation, Reuters reported. Since the start of the Russian war in Ukraine, India, a price-sensitive crude oil buyer who has criticized OPEC and OPEC + for keeping oil prices "artificially high" – has increased its purchases of Russian crude. , which comes with huge discounts. Before the war, Indian refineries rarely bought oil from Russia on such a scale due to high transportation costs. India, the world's third-largest oil importer, is reportedly negotiating steep discounts for Russian oil it is willing to buy, asking for a price below $ 70 a barrel to offset logistics, financing and sanctions problems for the country. purchase of crude oil that is now toxic to much of the West. This is a discount of over 30% on market prices. A price that is too strong an attraction for New Delhi and its refineries.
Now, according to Reuters sources, Rosneft will load seven 100,000-ton cargoes of the Ural mixture from Russian Baltic Sea ports in the second half of May.
The Urals, Russia's flagship crude blend, was typically sold to Europe before the war in Ukraine, due to its proximity to Russian ports on the Baltic and Black Seas. After the invasion of Ukraine, however, refiners and Western traders have begun avoiding Russian crude and are expected to continue to do so for years as the EU is considering the details of implementing a full embargo on all Russian oil imports. In addition, major international traders have already said that they would be phasing out or phasing out purchases of Russian crude in the coming weeks.
The increase in purchases of Russian crude oil in India could make monitoring the European embargo on Russian oil more complicated, indeed it could make the embargo itself completely useless, if not to accumulate large profits for non-European refineries. Earlier this week, Shell CEO Ben van Beurden said there is no way to track where Russian crude oil is or how much crude from Russia will go in the global refined commodity market. So Europe will buy India's refined diesel fuel from oil purchased at discounted prices at international prices, amassing huge profits and a major strategic advantage over European or Western refineries.
As always, every move thought up by the European Commission turns out to be a colossal own goal. Except that the mission of the EU is not the complete economic destruction of European countries.
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The article India imports at full blast from Russia, laying the foundations for demolishing EU sanctions comes from ScenariEconomici.it .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/lindia-importa-a-tutto-spiano-dalla-russia-ponendo-le-basi-per-demolire-le-sanzioni-ue/ on Sat, 07 May 2022 10:30:18 +0000.