A new report from Reuters has stated that Russia has overtaken Saudi Arabia as China’s top oil supplier by supplying 1.98 million bpd of Russian crude oil in May.
The world's largest supplier of crude oil, Saudi Arabia, is open to negotiating non-dollar oil trade settlements, according to Mohammed Al-Jadaan, the Saudi finance minister, in an interview with Bloomberg TV on Tuesday in Davos.
According to the SCMP, China bought a total of 2.35 million tonnes of LNG from Russia and is now aggressively reselling Russian gas to Europe.
After opposition from Serbia and Hungary Russia has stated that Bulgaria will pay for the gas in rubles whether the west likes it or not.
Assault on crucial infrastructure in Europe have grown recently, and it now seems that these may be impacts of the conflict in Ukraine. Now, Russia foiled the attack on Turkstream pipeline and saboteurs were arrested.
The BRICS group had before stated that it was seeking to create a shared payment network in order to reduce dependency on the Western banking system. Now, Putin has declared they are planning a new global reserve currency for the BRICS.
Regardless of falling global oil prices due to banking turmoil in the US, there is hardly any chance of a fall in petrol and diesel prices in India. It would take longer for the oil marketing companies to recover their losses accumulated due to high crude prices earlier.
The White House called on India and China to implement the G7’s price restrictions on Russian oil exports. Since the West started to curb energy exports from Moscow in response to the war in Ukraine, India and China have significantly increased their imports of Russian energy. On Tuesday, Moscow and Beijing signed a new agreement to trade oil in yuan and rubles.
Russia has set a March 31 ultimatum for "hostile" nations to start paying for natural gas imports in rubles. Countries that placed economic sanctions on the Russia and frozen its foreign currency reserves will be affected by the new currency-switch regulation. This is especially concerning for those EU countries that significantly depend on Russian energy imports.
“Nobody f*cks with a Biden,” said the U.S. president, and the oil ministers of the member countries of the Organization of the Petroleum Exporting Countries (OPEC+) replied, “Hold my beer.” OPEC+ then proceeded to approve production cuts of 2 million barrels per day, despite a full court press by the administration in the weeks leading up to the decision, and raised the price of oil for the U.S., lowered it for Europe, and left it unchanged for Asia. According to National Security Advisor Jake Sullivan, “the President is disappointed by the shortsighted decision by OPEC+ to cut production quotas” and “the Biden Administration will also consult with Congress on additional tools and authorities to reduce OPEC+’s control over energy prices,” neglecting to mention that Biden administration decisions to cancel the Keystone XL pipeline and to stop issuing new oil and gas leases on public lands gave OPEC+ the upper hand.
