Russian oil and gas is still flowing

Just in case you thought that Russian Gas (or oil for that matter) wasn’t flowing or stopped being sold, see the article link below.

https://www.reuters.com/business/energy/russias-yamal-europe-gas-pipeline-halts-westbound-flows-data-2022-03-15/

Isn’t it interesting who the willing buyers still are?

Natural resources and their prices find their own levels.

Commerciality does prevail, it’s the price which differs under particular circumstances.

Today, I hear that Russian oil is being sold at $30 below spot price.

For example, while the United States doesn’t buy any oil from Venezuela 🇻🇪 (who has nearly 20% of the world’s proven reserves), Venezuela does in fact sell Oil to many Asian nations including India, who buys approx. 120,000 barrels per day of Venezuela’s 500,000 daily exports.

China, India, South Korea and Japan buy plenty of Iran’s 2.3 million barrel daily export. It just may not be at the current $96 market price.

March 17, 2022

by Rob Zdravevski

rob@karriasset.com.au

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