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Russia offers Asia oil 30 percent cheaper than market

2022-08-25 17:39:23Biznes SHKRUAR NGA REDAKSIA VOX

Russia offers Asia oil 30 percent cheaper than market

Russia is in talks with several Asian countries for potential long-term oil contracts with large discounts, a Western official told Bloomberg on Wednesday.

According to the report, the discounts could be as high as 30 percent and could mean Moscow is seeking to counter ongoing discussions by the U.S. and the group of seven most developed countries about setting a floor limit on the purchase price of Russian crude oil.

Furthermore, Russia's talks with Asian buyers may also reflect a push to secure more buyers as Europe is increasingly evading oil and especially Russian gas.

Russia offered to sell oil to Indonesia that is "30 percent lower than the price of the international market," Indonesia's Tourism Minister Sandiaga Uno said in comments on Instagram. He noted, however, that concerns remain about possible sanctions by the US.

The European Union's ban on imports of Russian oil from the sea will begin on December 5th. But concerns that it could raise prices and raise profits for Russia have led to calls for an exemption from the ban that would keep oil flowing, but limit the price.

So far, few Asian countries have expressed support for it, and sources told Bloomberg that India remains in doubt to join the price scheme, as it could cause Russia to sell cheap oil to other buyers.

Meanwhile, Rystad Energy predicted that Russia's crude production would soon fall by over a million barrels per day, due to lower demand in Asia and the imminent EU ban.

"Russia has so far shown high resistance to the unprecedented pressure imposed by Europe and the US - but the worst has not yet come", the research firm said on Tuesday. "Domestic consumption has helped to meet the gap during peak demand season, but overseas demand for Russian oil has decreased, causing chain problems."


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