UPDATE 6/13: Scroll down below for more updates.
Restrictions levied against Russia by the United States and NATO nations continue to backfire, as it has been revealed that India is buying up on cheap sanctioned Russian oil, refining it, and then selling it back to the U.S. and E.U. for large dividends in return.
Nearly two months ago to date The WinePress reported the U.S.’ Senate voted 100-0 to end trade relations with Russia while also banning Russian oil imports.
Now sanctions such as that are now coming into play. Information Liberation wrote, ‘The US has reluctantly given India permission to buy Russian oil because India has threatened to ditch their alliance with America and ally with China if the US dares to sanction them.’
According to a Wall Street Journal report, India’s oil imports ballooned since the Russia-Ukraine conflict began, going from 30,000 barrels to 80,000 barrels a day.
The WSJ said it was discovered that imported oil landed in New York and New Jersey last month was of Russian origin.
‘The cargoes were brought through the Suez Canal and across the Atlantic from Indian refineries, which have been big buyers of Russian oil, according to shipping records, Refinitiv data and analysis by Helsinki-based think tank Centre for Research on Energy and Clean Air,’ the WSJ reported.
Indian oil refinery giant Reliance Industries Ltd. purchased seven times more than their usual rate in May, which now comprises a fifth of their intake. This oil is then being refined and then purchased by the United States.
What likely happened was Reliance took on a discounted cargo of Russian crude, refined it and then sold the product on the short-term market where it found a U.S. buyer.
Lauri Myllyvirta, lead analyst at the Centre for Research on Energy and Clean Air, said
‘Indian refined oil-product exports, beefed up by cheap Russian supplies, have grown sharply since the beginning of the war. Daily shipments to Europe have risen by a third and by 43% to the U.S. on a quarterly basis,’ the WSJ concluded.
European Union Votes To Block 90% Of Russian Oil Imports By Year’s End *Update*
Moscow Says That ‘De-Dollarization’ Of The Russian Economy Is Imperative
UPDATE – 6/13: Today it was revealed that Russia has become India’s second largest oil exporter in May. Iraq still remains number one while Saudi Arabia was bumped down to third.
Reuters wrote:
In May Indian refiners received about 819,000 barrels per day (bpd) Russian oil, the highest thus far in any month, compared to about 277,00 in April, the data showed.
Western sanctions against Russia for its invasion of Ukraine prompted many oil importers to shun trade with Moscow, pushing spot prices for Russian crude to record discounts against other grades.
That provided Indian refiners, which rarely used to buy Russian oil due to high freight costs, an opportunity to snap up low-priced crude.
Russian grades accounted for about 16.5% of India’s overall oil imports in May, and helped raise the share of oil from the C.I.S. countries to about 20.5%, while that from the Middle East declined to about 59.5% %, the data showed.
The share of African oil in India’s crude imports last month surged to 11.5% from 5.9% in April, the data showed.
Diesel is calling the tune … if you want to boost production of diesel and jet fuel then you need Nigerian and Angolan grades. China has cut imports of Angolan grades because of COVID-related shutdowns so some of these barrels are going to Europe and some to India.
Said Ehsan Ul Haq, analyst with Refinitiv.
He said apart from availability of cheaper Russian barrels, higher official selling prices of Middle Eastern oil also pushed Indian refiners to buy Nigerian crude.
India’s oil imports in May totalled 4.98 million bpd, the highest since December 2020, as state refiners raised output to meet growing local demand while private refiners turned focus to gain from exports, the data showed.
India’s oil imports in May were about 5.6% up from the previous month and about 19% from a year earlier, the data obtained from sources showed.
India has defended its purchase of “cheap” Russian oil saying imports from Moscow made only a fraction of the country’s overall needs and a sudden stop would drive up costs for its consumers.
Higher oil imports from Russia, curbed OPEC’s share in India’s overall imports to 65% in April.
AUTHOR COMMENTARY
The media continued to downplay Russia’s counter measures to NATO and the U.S., saying that it would do little in terms of affecting us. Well then, explain this mess for us? Oh, but this will not even see the light of day, and the economy is “booming” don’t you know?
He that is surety for a stranger shall smart for it: and he that hateth suretiship is sure.
Proverbs 11:15
All of these restrictions are designed to purposefully harm the West and strengthen and enrich the East. A powershift is occurring and the West has already lost; and one of the goals of this Russia-Ukraine proxy war is to act as decoy so the realignments can take place.
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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