The European Union is now relying on fuel purchases from India. The Indians are basically buying cheap oil from Russia, refining it and selling it to the EU at a substantial profit.
RT:
The EU is still powering its economy with Russian oil despite sanctions, Bloomberg reported this week. Member states are now said to be buying the sanctioned fuel through India.
In December, the EU, G7, and allied countries imposed an embargo and a $60-per-barrel price cap on Russian crude and later introduced similar restrictions for exports of petroleum products.
But India has not joined the ban and instead has ramped up purchases of Russian oil that Moscow has been offering at discounts.
In 2022-2023, Indian refiners bought between 970,000 and 981,000 barrels of Russian oil per day, accounting for more than a fifth of the country’s overall imports, which were between 4.5 million and 4.6 million barrels per day (bpd), Kpler and Vortexa data showed.
Not only has India become Russia’s top oil buyer since the ban went into effect, New Delhi is now on track to become the bloc’s largest supplier of refined fuels.
People have been posting this meme to describe the situation.
It is an utterly stupid policy by the EU. They could have just been friends with Russia but they instead chose to act as vassal states to the Jewish homosexual empire in Washington DC. This is driving the entire bloc into a horrible economic collapse.
Comment: EU is run by Jewish Crime Cabal or Jewish Mafia as is the U.K., U.S., Australia, New Zealand and Canada plus all the United Nations is run by this Jewish Crime Cabal. The CIA is the Enforcement Arm of the Crime Cabal aka British Empire.
Russia is selling oil at discounted prices to India | All you need to know
Russia is offering a discount of $35 a barrel to price levels prior to the start of the Ukraine crisis in February, according to a Reuters report.
By India Today Web Desk: Russia is selling crude oil at discounted prices to India at a time when oil marketing companies have started increasing petrol and diesel rates across the country. Meanwhile, the government was closely monitoring global energy markets situation in the backdrop of evolving geopolitical events, Minister of State for Petroleum and Natural Gas Rameswar Teli said.
Teli has said that if required, the government would release the strategic petroleum reserve (SPR) to mitigate market volatility and calm the rise in crude oil prices.
PETROL, DIESEL PRICES
While OMCs paused retail price revision during the period when international oil prices spiked to a 14-year high of USD 139, petrol and diesel prices have been revised 9 times since March 22, totalling a hike of Rs 6.4 per litre till Friday.
RUSSIAN OIL
- India is dependent on imports to meet 85 per cent of its oil needs. Its major sources of crude oil are Iraq, Saudi Arabia, the UAE, Nigeria and the US.
- Refiners in India, the world’s third biggest oil importer and consumer, have been snapping up Russian oil through spot tenders since the war broke out on February 24, taking advantage of deep discounts as other buyers back away. India has purchased at least 13 million barrels of Russian oil since February 24, compared with nearly 16 million barrels in all of 2021, according to a Reuters report.
- Russia is offering a discount of $35 a barrel to price levels prior to the start of the Ukraine crisis in February, the Reuters report said.
- Indian Oil Corp has a contract with Russian oil company Rosneft that gives India’s top refiner an option to buy up to 2 million tonnes, equivalent to about 15 million barrels, of Urals in 2022, as per the Reuters report.
While OMCs have snapped distressed Russian oil being offered at a deep discount post-Ukraine war, Minister of State for Petroleum and Natural Gas Rameswar Teli said: “less than 1 per cent of total crude oil (is) being imported from Russia in the year 2021-22 (till January).”
“Import of crude oil is carried out by Indian oil and refining companies in the public and private sector from diverse sources, including from sources in Russia, through business-to-business arrangements, based on techno-commercial considerations and domestic requirements,” the Minister said.
INDIA’S OIL RESERVE
- In November 2021, in a bid to control inflationary pressures, India, in consultation and parallel with major energy consumers, agreed to release 5 million barrels from its SPR.
- Teli said India maintains SPR of 5.33 million tonne, or the equivalent of about 9.5 days of crude oil requirements.
- In addition, oil marketing companies (OMCs) currently have a capacity of 64.5 days.
- “Hence, the total storage capacity of crude oil and petroleum products is 74 days,” he said.
INTERNATIONAL OIL PRICES
Brent crude futures slid to $104.63 a barrel on Friday. The US West Texas Intermediate (WTI) crude futures fell to $99.89 a barrel, according to the Reuters report.
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