Oil tanker (image courtesy Pixabay)
(OIL PRICE) – Russia’s crude grades from the Arctic, which used to be sold in Europe before the E.U. embargo, are now heading East to the two biggest buyers of Russian oil since the invasion of Ukraine – China and India.
Russia’s grades from the Arctic – Arco, Arco/Novy Port, and Varandey – have been selling at deep discounts in China and India as the E.U. embargo and the G7 price cap have further pushed more Russian crude to customers in Asia that have not joined the Price Cap Coalition, according to trade data and sources cited by Reuters.
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“All these Arctic crudes usually go to the E.U. but now they have to go elsewhere,” a Singapore-based trader told Reuters.
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