There's no high demand low supply! What a balony! The thing is, the demand supply equation has been compromise! Why, because India and China are getting much much much supply from Russia bypassing the US dollar! Mind you, India and China been the biggest consumer after US, basically getting russian oil at great discount as well! And the rest of the world are paying a dumbass premium! So tell me, why should the rest of the world pay such ridiculous price when deepsea oil rigs are now supplying enough! China can't even be bothered to import oil from Saudia anymore since Russia is giving their oil, actually begging China to take from their hands! Same with India! As you all know, Russia can't sell their oil to anyone except India and China!
okay...so what you are saying essentially there is a secondary market where China can buy cheap russian oil and bypass the need to buy expensive oil at international market
then the next question shall be, why does China retail petrol price per litre is around RMB 9.70 which works out to even our RPN 97. if they can get cheap russian oil,their domestic pump price should be a lot lower?
Country Value of fossil fuel imports from Russia (Feb 24 - Jun 4) % of Russian fossil fuel export revenue China $13.2B 13.5% Germany $12.7B 12.9% Italy $8.2B 8.4% Netherlands $8.2B 8.4% Turkey $7.0B 7.2% Poland $4.6B 4.7% France $4.5B 4.6% India $3.6B 3.7% Other $35.7B 36.5% Total $97.7B 100%
okay...so what you are saying essentially there is a secondary market where China can buy cheap russian oil and bypass the need to buy expensive oil at international market
Answer : Not only bypass! India and China don't even bother to use US dollar for russian oil! They can demand low price! I mean, who else will buy russian oil now!
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