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India, China Sustain Market for Sanctioned Oil
The oil market is awash with discounted, sanctioned crudes, which at around 4.7 million barrels per day now constitute about 5% of the global oil trade. These flows from Russia, Iran and Venezuela have reached their highest level since Russia's invasion of Ukraine in February 2022. Most of this oil lands in China and India — the two biggest engines of global demand growth — which means the broader market ramifications can be profound. These crudes are offered at discounts ranging from as low as 30¢ per barrel to over $10/bbl relative to benchmark Brent, depending on crude quality, demand from refiners and US ... (full story)