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.
