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Book now at the podcast show London.com. This is John Batchel, colleague Michael Bernstam of the Hoover Institution, who follows sanctions on Russia for me since the beginning of the war, since before

then, looks at the price of Brent

crude, that's the benchmark in Eurasia, goes lower and lower because there's more production

in OPEC and more production started early April. There'll be more production in early June.

This pushes the price of oil down as the world

is not as hungry for oil as it once was. There is trouble in the economy in China, a big driver

of oil prices, imported oil prices. However, China's buying all right. They're buying from Russia.

At what price? Michael explains the relationship of the price of

oil to the discount Russia must offer in order to move its oil into someone who's going to pay them

since they're so broadly sanctioned than their shadow fleet is. Michael explains about the price

of oil, about the discount, and about how Russia is

...