Russian Oil Now Trades Consistently Above $60
The increase in price above $60 means both that the cap is starting to fail and also shows that traders, buyers and shippers are getting increasingly more comfortable with handling Russian barrels and flouting western sanctions. It also demonstrates that a large and surprising cut in oil output by members of the OPEC+ producer alliance boosted the prices that Russian barrels are fetching (just as Russia and OPEC+ intended).
While Urals, Russia’s top export stream, remains just around $60 the weighted average of just $60 is well below international benchmarks. The US Treasury has long argued that its goal was to ensure Russian oil trades at discounts, not that there should be a strict adherence to the cap, which clearly is no longer working.
The US Treasury has long argued that its goal was to ensure Russian oil trades at discounts, not that there should be a strict adherence to the cap, which clearly is no longer working.
(in a Pee Wee Herman voice): We meant to do that!
In the mean time, Joe Biden’s Brazilian Buddy, the Marxist President Lula has proclaimed as he met Chinese President for Life Xi Jinping in Beijing, that the Chinese Yuan will be the new reserve currency.
https://markets.businessinsider.com/news/currencies/brazil-president-de-dollarization-lula-brics-nations-currency-china-yuan-2023-4
In recent interview Lula also referred to Xi as “brilliant man” and “top of the line”,
… oh wait that was Trump not Lula.
Gosh, that changes the whole story….
Changes what shortbus? You have comprehension issues again? Rd claimed that Lula is Brandon’s and Xi’s friend, when lately Xi is both the darling of Lula and Trump but not of Brandon.
“It is necessary for the US to stop heating up the conflict and start talking about peace”, ~ “Joe Biden’s Brazilian Buddy” aka Chavez 2.0
Does Biden know why he sold the Strategic Petroleum Reserve? Does he have any idea where he is atm?
Was it supposed to be in case the military needed it? Nevermind, Hunter made some % on this…
I… uh sold off the petroliniumumreserve ? Geez. Well I had icecream and well, geez, I…. um. Uhh… they’re saying, they’re saying… they’re saying I have to turn off the.. this computer now.
Soon, Russian oil will be trading at Canadian prices.
This doesn’t worry me at all, because very soon Allan S and his buddies will be along to tell us how it is all just Russian disinformation, and we are all a bunch of Putin-lovers for even reading it.
Zerohedge? Lol
Go look at revenue and consider their costs have gone up too.
Says the Reddit keyboard warrior.
Joe WARNED us that we would necessarily have to feel the PAIN of forcing Putin to accept the LGBTQqueers as “normal”. What wouldn’t you give up, or pay thru the nose, to support those lovely LGBTQqueers? What? You thought the Ukraine war was about Russian annexation of Russian-Ukraine territory? Hahahaha ha ha ha. Joe already said Russia could have “a little bit” of Ukraine. Well … they’ve got a little bit of Ukraine … and the American taxpayer is getting absolutely Trans-fkcued!
It truly represents a US President and government that is neither respected nor feared, or believed, so with zero credibility.
Zero credibility has been opened wider than a Wehrmacht blitzkrieg and that gap filled by China and its client state of Russia; along with IR bet hedging India, Japan, Turkey, Italy, France, Saudi Arabia and India, to name but a few. Hardly a surprise give the failures to:
1. Deter or discipline Russia
2. Contain or discipline China
3. Ensure ME stability, with Iran empowered and Israel marginalized
4. the Afghan and Syria debacles
5. Prevent international idiots like Soros from destabilizing the rule of law
6. Use American carbon fuel resources to mute Russia and discipline her allies, and
7. Much more more.
Progressivism
Taxation
Inflation
War
Rinse off blood repeat, rejig the false narratives and scapegoats of collectivism.
Ah but Quid Pro Slow Joe and his demented DeMarxists remain in power, so it’s all good for them.
None of this would have happened if Trump hadn’t stopped it all in the first place, so it’s his fault, not the collectivists who caused it all.
Virtuous hypocrites can never be to blame.
Russian ESPO is trading at $75.31
Russian Sokol is trading at $76.94
Russian URALS futures are trading at $65.95
For comparison:
Western Canada Select futures are trading at $60.91
Current Canadian prices:
Central Alberta 76.01
Light Sour Blend 77.71
Peace Sour 76.41
Syncrude Sweet Premium 86.66
Sweet Crude 79.71
US High Sweet Clearbrook 85.66
Midale 76.66
Albian Heavy Synthetic 80.91
Ask yourself why April 4th was the last day that Urals futures traded under the “Cap”
(Prices taken from Oilprices.com)
Meanwhile in real word: [Russian] Revenue from petroleum exports were down 43% from year earlier
https://www.bloomberg.com/news/articles/2023-04-14/russia-sanctions-work-as-designed-with-oil-flow-up-revenue-down
and: Russian Ruble Falls Sharply As Moscow Scraps Some Capital Controls
https://www.rferl.org/a/russia-ruble-weakens-sharply/31797010.html
But by all means, keep reading sources that say what you want to hear, like for example the rout of Russians from the North of Ukraine being a clever feint.
We’re looking into the future because as everybody but progressives addled partisans know, the past can’t be changed.
But thanks for the emotive tantrum anyway. It actually helps. Don’t let reality interfere with your rear view false narratives.