Assessment: The nations are re-evaluating a US dollar denominated world …
With China refusing to bend the knee to Washington’s “denounce Putin” demands, it appears the Biden administration’s narrative that the world is united against Russia is creaking at the seams as Bloomberg reports that cheap Russian Urals crude is finding willing buyers in India.
And why wouldn’t they… With Urals Crude trading at a stunning $30 discount to Brent, who can blame India for snapping it up.
“Russia is offering oil and other commodities at a heavy discount. We will be happy to take that,” one of the Indian government officials said.
The official added that such trade required preparatory work including transportation, insurance cover and getting the right blend of crude, but once that was done India would take Russia up on its offer.
“For they are the spirits of the demons performing signs who go out to the kings of the earth to bring them together for the battle that will take place on the great day of God, the All-Powerful.” Rev.16:14
Hindustan Petroleum Corp. recently bought 2 million barrels of the grade for delivery in June, and other processors are also seeking cargoes, according to people familiar with the matter. Mangalore Refinery and Petrochemicals Ltd. and Bharat Petroleum Corp. are looking to buy Urals crude for delivery in May and June, the people familiar with the plans said.
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