Quote from: Sithara007 on Today at 02:21:20 AM

Quote from: TravelMug on April 02, 2022, 02:24:53 AM

Not just India and Russia, but the whole world are now affected by the embargo on oil against the Russian. And as you have said, someone will have to benefit and it will be Saudi or at least some US ally in the Middle East. So it's going to be a battle of attrition, it looks like Putin is holding up and now putting pressure on US and it's allies regarding the war after a month.

The war will end in a month or so, and if the oil prices continue to remain at $110-120 levels, then many of the oil consuming nations will be forced to get their crude at discounted rates from Russia. Already China and India have indicated that they are willing to purchase Russian crude. These countries face a difficult choice - either purchase Russian crude at a discount, or witness an economic recession in their own territory. BTW, the Indian government should blame themselves. When crude was trading at $40 per barrel, these guys refused to accumulate oil reserves.

Rumors have it that the war will end by May, a month or so from now, however, all these sanctions that have been put against Russia won't be lifted, thus, it's still possible that barrel could still surpass $150, despite the ceasefire. Since other Asian countries are purchasing oil at discounted prices, Russia's economy isn't hurting too much, it's ours that it's being pwned.

Anyway, could someone also explain why oil prices have frozen the past few days? They don't seem to be updating.