While the existing partners of Russia in Europe are refusing to cooperate with varying success despite the energy crisis on the continent, cooperation on the Asian “front” is gaining momentum.
In contrast to Danish Orsted and Dutch GasTerra, which stop supplying natural gas from Russia, Reuters on the basis of Refinitiv reports a significant increase in trade with India, in which New Delhi in the last three months has increased the purchase of Russian oil in three times compared with the same period last year, buying more than 34 million barrels of oil.
On topic: Asia has already surpassed Europe in Russian oil imports
An important, and probably even key, point is that India is Asia’s third largest economy after China and Japan, and therefore the third largest oil importer in the world. India has already announced that it plans to increase its supplies from Russia in the future. In June, for example, the purchase of Russian oil should increase from May’s 24 million barrels to more than 28 million barrels.
India is increasing its oil imports from Russia. India’s Indian Oil Corp. refinery. Photo: AP
The fact that Russia sells not only Urals but also other grades at a significant discount has long been no secret. According to various sources, the discounts offered by Moscow range from $30 to $40 per barrel compared to the price of the North Sea benchmark Brent. By the way, its price has now exceeded $120 per barrel. However, it is safe to say that the price losses are more than made up for by the sales volumes.
On topic: Bloomberg puts the final touches on the energy standoff between Russia and the West