Russian oil exports continue to make their way onto the global market. Buyers in China and India have found ways to circumvent Western sanctions. Russia continues to make a large profit per barrel, even with a $30 per barrel discount on its crude. Despite the U.S.-led ban on importing Russian oil that some of Washington’s allies will also implement, Russian oil in significant volumes will continue to flow into various leading oil-importing countries, so adding to the overall global supply and affecting oil prices. In oil trading terms, then, it is erroneous to assume that all circa-11 million barrels per day (bpd) of Russian oil supply has somehow been removed from the global supply/demand matrix and that this will tighten that oil pricing matrix in favor of further gains. This was highlighted last week by Russian Deputy Prime Minister, and former Energy Minister, Alexander Novak, and supported by the […]