Addition of KSA, UAE, Iran means share has doubled to 42% of crude oil output in 2022. "Saudi pricing oil exports to China and India in non-dollar currencies does not spell the end of the dollar as the international currency of choice,” says ING. Trade within bloc makes trade hard to sanction by West.

      • Bernie Ecclestoned@sh.itjust.worksEnglish
        2·
        1 year ago

        Ok, so you agree to sell/exchange beans for oil.

        If there is a difference between the value of that to the USD amount then there’s an arbitrage opportunity.

        Russia is already selling its oil at massive discounts to Brent crude or West Texas price to India and China. You think India isn’t profiting when that crude has been refined and it loses its Russia label?

        Oh look, it is.

        This cheaper oil has found new markets — including India, which now purchases nearly two million barrels a day, roughly 45 percent of its imports, according to the International Energy Agency.

        In addition to stoking India’s economy, cheap Russian oil has given India a lucrative business refining that crude and exporting the products to other regions that suddenly need fresh energy supplies. That includes the European Union, which has banned direct oil purchases from Russia.

        https://www.nytimes.com/interactive/2023/06/22/business/india-russia-oil.html