- India, China embrace cheap Russian crude but South Korea, Japan comply with sanctions
Hefty discounts on Russia’s crude are increasingly whetting the appetite of China’s state-run and independent refineries, while Indian refiners’ demand for cheap Russian crude is the strongest ever, says an article published in SP Global.
Surging global prices
Both China and India are stepping up efforts to ensure that surging global prices do not hinder the fragile economic recovery and nascent revival in domestic oil product consumption. However, South Korea and Japan are leading the regional alliance against Russian oil, with refiners indicating that cheap barrels from Russia are not worth taking for those keen on maintaining corporate reputations and willing to stand in solidarity against all acts of violence.
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Source: SP Global