Down The Primrose Path

Putin Ukraine 53 Comments

Bloomberg;

Back in December, the European Union barred almost any seaborne crude oil imports from Russia. It extended the prohibition to refined fuels two months later.

However, the rules didn’t prevent countries like India from snapping up cheap Russian crude, turning it into fuels like diesel, and shipping it back to Europe at a markup.

The Asian country is on track to become Europe’s largest supplier of refined fuels this month while simultaneously buying record amounts of Russian crude, according to data compiled by Bloomberg from analytics firm Kpler.

“Russian oil is finding its way back into Europe despite all the sanctioning and India ramping up fuel exports to the west is a good example of it,” said Viktor Katona, lead crude analyst at the firm. “With India taking in so much Russian barrels, it’s inevitable.”

The development is double-edged for the EU. On the one hand, the bloc needs alternative sources of diesel now that it has cut off direct flows from Russia, previously its top supplier. However, it ultimately boosts demand for Moscow’s barrels, and means extra freight costs.

It also means more competition for Europe’s oil refiners who can’t access cheap Russian crude, and comes amid wider market scrutiny about where the region’s diesel imports are coming from.

53 Replies to “Down The Primrose Path”

  1. You understand that the quote you have provided means that India is making money and russia doesn’t?

      1. I was referring directly to this:

        “However, the rules didn’t prevent countries like India from snapping up cheap Russian crude, turning it into fuels like diesel, and shipping it back to Europe at a markup.”

        In other words: India is making money that russia would be making otherwise.

        2. Some days logic just seems to escape you. If Russia is selling it, Russia is making a profit. India increasing the profit for themselves is business 101.

          1. Yup. If the argument is supposed to be “they’re only making lots of money, not obscene amounts of money” then I would compare the markup-for-sales of an Aston Martin with a typical Toyota product, note that the mark-up on the Aston Martin is a much larger amount, and presume that the total value of the company Toyota must be less than Aston Martin because the mark-up is so much lower.

          2. Actually russians are pretty much selling it at cost, just to keep the infrastructure running. Because they have to keep it running for it not to crumble (it is decaying rapidly anyway). You can’t just freeze and wait for better times. That is why they were burning out large amounts of gas to begin with. And volume wise they are not selling anywhere near as much as they were selling to Europe. They were hoping Chicoms would build a new pipeline and Chicoms told them to build it themselves.

            The comparison with car market is absurd and irrelevant.

        4. Add in the word ‘relatively’ , as in ‘relatively cheap’, and that’s most likely the case.

    2. You’re turning out to be a bellwether on Russia much the same way Jim Cramer is for stocks Colon.

  2. Hunter’s Hoes.
    This is the perfect outcome for European nations who fail to support NATO at the level of their agreed upon obligation; while the corrupt, absurd and rapacious Biden administration ramps up IRS enforcement of tax collection efforts against working class and middle class Americans, in order to prosecute a war driven by (claimed) ridiculous progressive and RINO ambitions. “Yes, please continue spending billions to ensure the sanctity of this continent that Russia so endangers, while we play tennis, and enjoy a seventh round of cocktails.” “Buffy, can we have another round over here?”

    Biden all the while bickering with Zelinski over adequate concealment and surreptitious transmission of his 10%. “I’ve another bastardess grandchild now to not support, so the money’s needed, and going to a good cause.”

      1. Nicely done! Have a great weekend.

        ps. Its almost humorous that Indians have identified the mundane process essential to elevating the price of petroleum products, something which has long eluded Albertans. “There once was a pipline to Houston, and then there was not,
        cause old Joe forgot, and let energy security rot.”

          1. Why? In case it has escaped your attention, I keep ignoring his advances. I don’t do retards.

  4. We are fortunate that this China Pandemic occurred when it did as diesel fuel prices skyrocketed to the stratosphere with all these China ships backlogged and sucking fuel supply at an unbelievable rate…

    Another issue is the American Greenbacks and corruption it’s generating in a multitude of different areas…
    Taking a loss on Treasuries on cutting your losses is far easier today compared to decades ago at a more valuable rate.
    Politicians are pandering to the US as they don’t want their pipeline infrastructure blowed up either…these projects have already paid Russia handsomely to access it’s fossil fuels…don’t think that Germany won’t be paying for the damage these pipelines as the infrastructure is already built.

    Piss poor timing to try and attack Russia monetarily with its diverse infrastructure in place…so it’s lip service pandering to the Prez but lots of under the table stuff is still taking place.
    This forced Russia to do some corrections in Ukraine as NATO was about to quickly make it into another alliance holder.

  5. Russian oil exports are back to their previous levels thanks to China, India, Brazil and South Africa to name a few countries.

    https://www.forbes.com/sites/davidblackmon/2023/03/28/the-old-world-order-for-crude-oil-is-disappearing/?sh=7a6116956ee4

    While India is the largest buyer, China is in there like a dirty shirt too, buying 43 M barrels in one month alone.

    The world (?) is limiting Russian crude sales to $60 USD/bbl while the world bench-mark hovers around $75 and Canadian Select is under $60. I wonder if the Russians charge extra for delivery making their raw crude shipments more expensive than Canada’s?

    1. both ESPO and SOKOL are trading around $70/barrel, Urals is around $60 per barrel. At one point in April they were much higher than the “limit” price

    2. From the article:

      “India was the biggest buyer of Urals grade crude in March, accounting for almost 50% of all such exports. Russia’s Deputy Prime Minister, Alexander Novak, stated that Russia’s sales to India have risen 22-fold over the past year.”

      22-fold! The Woke Empire has managed to push India firmly into the China-Russia camp, cuz they’re making so much money from these suicidal Western sanctions. By all rights India and China should be blood enemies constantly battling over their long and disputed border, among myriad other things. Instead Russia is essentially bringing them together in a mutually profitable 3-way alliance. Good one, NATO fags!

      “In a recent interview with WION News, South African Foreign Minister Naledi Pandor said she and leaders of other BRICS nations are experiencing “huge interest” from other countries related to those tools of finance. Saying that she had “12 letters” from such countries currently on her desk, Pandor ticked off the names of more than half a dozen of them: “ Saudi Arabia is one… United Arab Emirates, Egypt, Algeria, and Argentina,” and went onto add Mexico and Nigeria.”

      Don’t forget Turkey, Indonesia and Iran. Basically every important Third World country in every part of the world are combining against us in an anti-Woke BRICS++. While years ago I might have feared this outcome, now I see this worldwide traditionalist alliance coming to our rescue and helping overthrow the anti-white, homosexualist tyranny that we’re being crushed under here in the former West.

      1. Wait, so you actually believe the claims of Russia’s Deputy PM? Without second thought?

  7. “It also means more competition for Europe’s oil refiners who can’t access cheap Russian crude…”

    Hey, what about the second largest country in the world? We could be making an absolute killing off an energy-starved EU!

    Oh, wait, yeah, I forgot… the children’s junta that runs Canada isn’t interested in real economics.

  8. The Yankee war on Russia is not working out so well for the US’s allies. Of course it isn’t exactly working out so well for the US either. Time for the US to clean house and get rid of its globalists from its government ranks.

    1. It’s working pretty well. Russia isn’t exactly running amok over Ukraine.

      1. Not to get into a spat but maybe you should look a little closer. Did you hear about the missile that took out a Ukrainian bunker? It killed somewhere between 200 -300 Ukrainian and NATO officials. The bunker was 400 feet underground. What were NATO generals and officials doing in Ukraine? Not that it matters they are dead now.

        1. Yeah, you’re going to have to provide a link for that one.

          But the fact that the initial invasion was repelled and Ukraine is still fighting is a massive setback for Russia.

          1. I guess you are not much of a military strategist. Russia is playing rope a dope as Ukraine expends huge amounts of men and material in a useless attempt to hold Bakhmut.

      2. Because it’s not technically a war. It’s a military action with specific target which they have pretty much met. This would have been over long ago if not for NATO/US interference.

        1. Were it not for American/NATO (but I repeat myself) interference there never would have been a war or conflict of whatever.

          1. It’s not clear why Putin invaded Ulkraine — numerous theories have been proposed, and Putin himself has been contradictory — but the best bet is that this is a simple war of conquest to expand Russian territory. Putin sees himself as the second Peter the Great.

          2. KM , do you have a link for your ‘ bet ‘ theory ?
            Peter The Great is a looong stretch.

          3. So KM you don’t know about the genocide being conducted by the Ukrainians in Ukraine before Russia invaded? 16,000 dead Ukrainians at the hands of the Nazi Ukrainian regime that the US supports.

        2. But I thought western weapons wouldn’t make any difference? It’s so hard to keep up with all these narratives.

    2. Past time. Past time for Canada to clean house as well.

      I don’t have high hopes for that happening, hunker down.

  9. Oil is a commodity traded around the world. Attempting to control it was never going to work. The most such sanctions can do is lower the price that Russia receives for its oil, but even there the global market will work to equalize prices to some degree.

    1. There is no substitute for more production, besides demand destruction (in the form of nuclear).

      That being said, with M2 contracting, it is inevitable that the price of oil is going to get bonked. Other commodities too.

  10. You can’t beat the free enterprise.
    You have to kill it with socialism, fascism and communism.
    It will die, guaranteed.

  11. Meh.
    In hindsight,Uncle Sam or Sleepy Joe has worked wonders.
    A precursor for world peace,would be to defuse the conflict between the two most populous nation on this planet.
    Now we see Russia,China,India,Saudi Arabia,Iran,Turkey,Japan,Syria all united..
    Against a common enemy.
    Us.

    So their insane mishandling of the Ukraine,could be a “clever plan”.
    Better get Joe’s crew that Nobel Prize.

    After all,was it not Obama’s ardent desire to “take the USA down” a notch or two?

    Destroying your international influence,collapsing the “reserve currency” and stripping your army of munitions…That oughta work.
    After all nothing works as well,in cementing trust and trade,like stabbing your allies in the back..
    USA,A OK under Biden/Obama.
    How does one define Treason in todays world?

  12. How can Russia afford to lose a war with Ukraine AND subsidize the oil imports of Europe through India? For going on 2 years. It’s a mystery for us cheerleaders.

    1. Facepalm.
      What two years?
      The $60 per barrel sanctions were emplaced in December 2022 shortbus.

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