EXPLANATOR | This is why SA will not get Russian fuel at a discount

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Oil prices continue to fuel inflation around the world.

As sanctions on Russia begin to weigh in and high oil prices have hit emerging economies hardest, opportunistic nations are cashing in on discounted Russian crude, which is now flowing to China, India and even the Brazil.

Even though South Africa is politically sitting on the fence regarding Russia’s invasion of Ukraine, it seems to be the only one of the Brics nations (Brazil, Russia, India, China and South Africa) not to reaping the benefits of cheap Russian oil – even as immense tension mounts among consumers who are caving in under the weight of unsustainable fuel prices.

India has massively increased its imports of Russian crude, and China has also taken more of it in recent months, while its imports from other oil-producing nations have fallen, said senior analyst Matt Smith. oil to commodity market intelligence firm Kpler, Fin24. . Smith expects the two to continue to do so, especially if they are incentivized as they are now, at around $30 a barrel discount.

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