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The John Batchelor Show

#Ukraine: : #Russia: #India: Legally prospering on sanctioned Russian crude.: Michael Bernstam, Hoover

The John Batchelor Show

John Batchelor

Arts, News, Society & Culture, Books

4.52.8K Ratings

🗓️ 5 January 2023

⏱️ 11 minutes

🧾️ Download transcript

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@Batchelorshow


#Ukraine: : #Russia: #India: Legally prospering on sanctioned Russian crude.: Michael Bernstam, Hoover
https://www.business-standard.com

Transcript

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0:00.0

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0:57.0

The middlemen are making money because the price gap means that the Russians cannot sell

1:16.9

oil over $60 per barrel. They give huge discounts to Indian, China and Turkey and other countries,

1:27.6

which are buying this oil in the third world. The Indians have had a very one-way interview

1:32.6

in your oil. Suddenly, if you look at the world market, the experts from India of gasoline

1:40.8

petrol to fuel cars increased almost 2.5 times. How did 42%? Where do they get it? They buy

1:48.6

Russian oil. Their refineries are working 24-7 around the clock, producing gas, which they

1:54.4

don't need. They don't need the oil. They don't need the gas, but they sell it. So,

1:58.3

they're making a lot of money, buying oil at discount at $53.52 per barrel and selling

2:04.9

gasoline at world market prices. It's a huge business and now I congratulate them.

2:09.8

It's all legal. It's all perfect. It's all clean. It's all above world.

2:15.2

And we can propose that other countries or other independent operators see this opportunity.

2:21.9

Where did they get the tankers? Are they just floating out there ready to be rented?

2:25.8

Actually, there were a lot of decommission tankers. They're not good for many trips, but

2:31.3

they're all right for a few. And as they were sort of Latin, in junk yards for years,

2:37.6

anywhere in Canada, in the United States, now they're on the market, but the problem

2:43.6

is with insurance, with all other things. But so far, it works. And suddenly, there's

...

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