There are reasons for everything that happens. Both the growth of Brand oil and the fall of the ruble
There is no reason to talk about Urals trade at 60 dollars with India, when settlements are made with discounts, in rupees and in addition a significant part of the money from these supplies is simply frozen ! Don't hesitate to read Russian news, even there they write about "unfriendly behavior of Indian partners"
Care to explain this?
https://timesofindia.indiatimes.com/business/india-business/russian-oil-discount-shrinks-87-to-4/barrel-as-sellers-game-shipping-insurance-to-skirt-g7-price-cap/articleshow/101619068.cms?from=mdr
As per Indian sources, the discount on Russian crude has decreased to almost nothing. Average discounts are now around $4 per barrel, compared to sharp markdowns of $25 to $30 per barrel that the Indian traders enjoyed a few months ago.
Also, this:
https://edition.cnn.com/2023/07/13/energy/russian-oil-price-cap-breached/index.html
The price of Urals crude has gone past $60 per barrel, which was the limit set by Western countries while implementing their price cap. And I think it will go up even further, as the Brent crude prices have gone past $80 per barrel. In the market there is a shortage of supply as a result of production cuts from Russia and Saudi Arabia.
Dear Sithara007 - to clarify, no problem !
1. Name me the countries that now buy back almost 90% of Urals oil ?
2. Public information often does not coincide with closed information - I mean agreements.
3. Yes, officially the discounts have fallen. Even out of respect for you - AGREE But I will add - Russia does not get 50% of the oil revenues due to "friendly schemes" of both China and India. And it does not get 60 US DOLLARS per barrel, but a bunch of Indian or Chinese currency. Do you understand the difference ? Russia's economy needs DOLLARS, it is dying and collapsing without them. You can't buy high technologies, critical raw materials and many other CRITICALLY important imported products with rupees and yuan.
By the way - would you care to find and publish - what are India's restrictions, "in a friendly manner", for Russia, for its import transactions in rupees with India ? Not quite clear ? Let me clarify - India has imposed, for Russia, restrictions on buying Indian products for rupees, for critical products, for Russia. And sells these groups of goods to Russia.... FOR DOLLARS And not for yuan. Only for dollars. Look it up, post it - let the picture be complete ?
Yes, and at the same time information about blocking Russia's funds for oil deals with India
To summarize: the price on paper, and the real sale price and REAL income from the transaction - for Russia, these are very different figures ! And you will easily see that if you stop reading only what you like and study the real situation