Wednesday, February 21, 2024

Rich countries profit from the re-export of cheap Russian oil

Kozmino_port_Russia.jpg

Which countries continue to buy Russian energy resources in 2023.

China is in first place by a wide margin. The second is still the EU, and this is despite a 90% drop in income from the export of petroleum products to European countries. In third place is India, and in fourth, with a small gap, Turkey.

But the most interesting is the fifth place in which the UAE is located. Emirates buy Russian oil to make money on its resale. Given the huge volumes of exports of oil products from the UAE, local companies can easily “hide” sanctioned Russian oil in their supplies and earn a very good margin on this. Recall that the current discount of Russian grade Urals to Brent is $25. And this is on every barrel.

There are definitely countries in the world where they know how to make money, while there are others where they buy expensive products for one faith.

Russia Oil Export

(red - crude oil, blue - natural gas, black - coal).

And how to earn from oil, learn here

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