Posted by Tobby > 2022-07-13 00:14 | Report Abuse

There's no high demand low supply! What a balony! The thing is, the demand supply equation has been compromise! Why, because India and China are getting much much much supply from Russia bypassing the US dollar!
Mind you, India and China been the biggest consumer after US, basically getting russian oil at great discount as well! And the rest of the world are paying a dumbass premium!
So tell me, why should the rest of the world pay such ridiculous price when deepsea oil rigs are now supplying enough! China can't even be bothered to import oil from Saudia anymore since Russia is giving their oil, actually begging China to take from their hands! Same with India!
As you all know, Russia can't sell their oil to anyone except India and China!

Posted by Tobby > 2022-07-13 00:14 | Report Abuse

So oil price should drop to usd60 in coming days once those dumbass oil traders realise what's really happening!

Posted by slts > 2022-07-13 09:19 | Report Abuse

so u r now an expert on oil trades?

Posted by ahbah > 2022-07-13 09:53 | Report Abuse

Can we buy oil from Put Tin ?

Posted by ValuePrice > 2022-07-13 10:41 | Report Abuse

okay...so what you are saying essentially there is a secondary market where China can buy cheap russian oil and bypass the need to buy expensive oil at international market

Posted by ValuePrice > 2022-07-13 10:43 | Report Abuse

then the next question shall be, why does China retail petrol price per litre is around RMB 9.70 which works out to even our RPN 97. if they can get cheap russian oil,their domestic pump price should be a lot lower?

Posted by ValuePrice > 2022-07-13 10:46 | Report Abuse

*higher than our RON 97

Posted by Sslee > 2022-07-13 11:44 | Report Abuse

Country Value of fossil fuel imports from Russia (Feb 24 - Jun 4) % of Russian fossil fuel export revenue
China $13.2B 13.5%
Germany $12.7B 12.9%
Italy $8.2B 8.4%
Netherlands $8.2B 8.4%
Turkey $7.0B 7.2%
Poland $4.6B 4.7%
France $4.5B 4.6%
India $3.6B 3.7%
Other $35.7B 36.5%
Total $97.7B 100%

Posted by Tobby > 2022-07-13 14:22 | Report Abuse

Posted by ValuePrice > 3 hours ago | Report Abuse

okay...so what you are saying essentially there is a secondary market where China can buy cheap russian oil and bypass the need to buy expensive oil at international market

Answer : Not only bypass! India and China don't even bother to use US dollar for russian oil! They can demand low price! I mean, who else will buy russian oil now!