Alternative-Paint-46
Alternative-Paint-46 t1_j6bmuan wrote
Reply to comment by RockyattheTop in $2.5t spending potential held by Chinese consumers if reopens fully. by Infamous_Sympathy_91
It does matter. Countries that aren’t sanctioning Russia, are getting their oil from them cheap.
Alternative-Paint-46 t1_j6cy96s wrote
Reply to comment by reliquid1220 in $2.5t spending potential held by Chinese consumers if reopens fully. by Infamous_Sympathy_91
From what I’m reading, it doesn’t appear to be going up for Russia. They’re still selling their oil for a large bargain.
“Russian oil traditionally sells at a discount to international benchmarks such as Brent. The discount, has widened since the imposition of sanctions and now stands at some $25-$30 per barrel to dated Brent.”
https://www.reuters.com/business/energy/putin-says-oil-price-cap-will-not-create-problems-russian-budget-2023-01-11/
AND
https://www.reuters.com/business/energy/russian-oil-sold-india-below-price-cap-buyers-market-2022-12-14/
As winter sets in and demand for oil increases, the limited supply will increase prices worldwide, but it may not increase the price of Russias oil nearly as much.