View: China, India squeeze big oil discounts out of Russia, hitting Putin's war chest

China and India now purchase two-thirds of all the crude exported by sea from Russia; at least half of the crude exported by pipeline from Russia also goes to China. That gives huge negotiating power to buyers in both countries, and it’s a power they have exercised. Russian crude is trading at a hefty discount to international benchmarks, and that is hitting the Kremlin’s war chest.

from Energy-Industry-Economic Times https://ift.tt/EYZbgVc