Asia buys up Russian oil
|OR NOIR A surge in demand from Asia for discounted Russian oil is making up for the significantly lower number of barrels being sold to Europe, dulling the effects of the West’s sanctions.|
Most of the additional oil has gone to two countries: China and India. China’s imports of Russian oil rose 28 percent in May from the previous month, while India has gone from taking in almost no Russian oil to buying more than 760,000 barrels a day.
The oil is being sold at a steep discount because of the risks associated with sanctions imposed to punish Russia for its invasion of Ukraine. Still, soaring energy prices have led to an uptick in oil revenue for Russia, which took in $1.7 billion more last month than it did in April.
Details: The ruble cemented its unlikely status as the world’s best-performing currency, rising to new multiyear highs this week on earnings from oil and gas exports. (New York Times)