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Friday, June 3, 2022
Saudi Arabia Mulling to Join BRICS Amid Global Oil Crisis
The Saudi Kingdom gets closer to Moscow and Beijing.
Cheap Russian crude oil is attracting India’s price-sensitive buyers to the point that Russia became the fourth largest oil supplier to India in April, moving up from the 10th place in March
However, the volumes are still fairly small compared to India’s sources in Middle East
Russia's Rosneft sold 700,000 tonnes of Urals oil loading from Baltic ports of Primorsk and Ust-Luga in May to Indian Oil Corp (IOC), the country's top refiner
Several Chinese companies purchased Russian coal paying in Chinese currency in March, and the first shipment would be made in April, according to Fenwei Energy Information Service Co., China’s leading information and service provider to the coal and coke industries
India has bought more than twice as much crude oil from Russia in the two months since its invasion of Ukraine as it did in the whole of 2021, according to Reuters calculations, as Indian refiners snapped up discounted oil that others have shunned
Reliance Industries Ltd (RELI.NS), operator of the world's biggest oil refining complex, has ordered at least 15 million barrels of Russian oil