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More Russian oil for China

Aerial view of oil storage tanks of China Petrochemical Corporation (Sinopec Group)

Russia sells less oil to the EU and the USA. But the black gold is still flowing unchecked elsewhere. According to Russian statistics, the export volume, which initially collapsed as a result of the US embargo, has now returned to pre-war levels. President Vladimir Putin has Asia to thank for this: According to S&P Global, India imported around 20 times as much oil per day from Russia in April as the daily average for 2021 – at discount prices of up to $30 below global market prices (627,000 barrels per day). And China, too, after its initial reluctance, now seems to be negotiating more intensively with Russia about oil supplies – and at hefty discounts, too.

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