Quote from: Hispo on July 22, 2022, 11:16:38 PM

Quote from: Ultegra134 on July 22, 2022, 09:22:07 PM

Quote from: BCwinning on July 22, 2022, 04:36:00 PM

Quote from: Ultegra134 on July 21, 2022, 01:51:41 PM

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Russia has recorded huge profits due to Europe's sanctions, which drove oil prices to skyrocket. On top of that, they've also resorted in finding other markets to sell their oil, such as India and China. The only losing party is Europe, not Russia, we're the ones getting screwed over by the excessive fueling costs.

Due to the high population density it makes sense that India and China are clear alternative markets for Russian energy. China buying Russian gas/oil is something I saw coming, but something I did not expect was India taking this opportunity as well. As far as I knew India has a quite stable diplomatic and economical relations with the USA, I would have guessed they would join the boycot. Huh

Russia sold discounted crude oil, selling at a 20% discount on one of its worse price rallies. It was expected that other countries would bite, which lead to billions in revenue for Russia.

Crude oil is seeing a slight decline in its value, however, as long as the EUR/USD rate of exchange remains close to parity, we won't see major drops at the pumps.