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Tuesday, July 5, 2022

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Russia Has Become India’s Second Largest Oil Supplier

Courtesy of ZeroHedge View original post here.

The evidence that Russia is mostly unaffected by NATO sanctions continues to mount.  While some in the mainstream media claimed that Russian oil revenues would collapse this year along with their currency, it appears that the opposite has happened.  Russia's currency is stable and their oil industry is thriving.

Russia has recently replaced Saudi Arabia as the second largest oil supplier for India, a country with a population of over 1.3 billion people.  Iraq continues to act as their number one supplier.   

This can be explained primarily by a shift in trade from west to east.  Russia is replacing US and European buyers by increasing sales to allies such as China and India, as well as removing the dollar as the reserve currency mechanism.  China and India alone represent over 30% of the global population, while China remains the largest manufacturing base in the world.  Ironically, western sanctions have made the Russia the most sought after exporter on the block as their oil is offered at a discount while energy prices skyrocket everywhere else due to inflation.

Economic "experts" argued not long ago that China and India would not be able to increase their oil purchases to make up for lost markets in the US and the EU, but this is clearly untrue.  Does this mean that Russia is immune to economic instability?  No, Russia has many fiscal problems that will not be solved easily.  But, so does almost every other country today. 

The importance of reports like this is often overlooked by the mainstream.  What we are seeing is a vast readjustment of global trade standards and a sharper division between eastern and western interests.  These are changes that would normally take years to develop, but now they are taking place within weeks or days.  Geopolitically, this division is likely to lead to further economic conflict and crisis, with oil and energy being a central pillar of concern for billions of people as 2022 drags on.

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