this post was submitted on 22 Aug 2024
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Interesting:
But they also write:
So it seems it is not lacking Chinese demand, but probably Russia that can't keep supplies up. China is buying Russian oil super cheap, so why would they replace that with other sources?
If true, this is a clear indication that Russian production is failing, probably because Ukraine is bombing refineries and depots, and Russia can't maintain their production, because they were dependent on western expertise, and Russia infra structure in general is hurt by worker shortages.
Russia is slowly collapsing under the burden of the war, which was clearly too big a bite for their economy to chew.
Or it is due to Chinese banks making paying for the oil more difficult.
I guess that's a possibility too, but I doubt it. I suspect that would mostly make payments slower or in other currencies than Ruble, and Russia would have no choice but to accept that.