BC, from the article,
ESPO crude, a category of Russian oil from the Far East, is a good example of the new trend. At the low earlier this year, it sold at a discount of more than $20 a barrel to Dubai crude, the regional oil benchmark for Asia. Recently, ESPO crude has changed hands at parity to Dubai. Urals crude, the flagship Russian oil export to Europe, isn’t benefiting as much as ESPO, as its key buyers have traditionally been countries such as Germany rather than India. But it’s also recovering in price, selling recently at $20 to $25 a barrel cheaper than the Brent benchmark, after trading at a discount of almost $35 in early April. That doesn't suggest any strength with regard to RuZZia's pricing power. Even a $20 per barrel discount is pretty steep. Given the higher costs of pumping that oil in RuZZia compared to that which other members of OPEC+ experience, RuZZia is not making THAT much money per barrel.
Certainly not nearly as much as they could have been making had PooTin not started his war of choice.
But the overall point cannot be glossed over. RuZZia isn't suffering that much from sanctions. I never expected them to. The only way RuZZia suffers is if oil prices drop below $65/barrel, which is possible if the world enters a deep economic recession.
Which of course will never happen because dArK bRaNdOn will use all of his combined superpowers to prevent that from happening, LOL ...
Tenchusatsu |
