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Consequence of the sanctions: Asia buys more Russian oil and gets big discounts

Instead of going to Europe, Russian oil is to be increasingly sold to Asian countries in the future, and demand is not only high in India. But in order to do that, Moscow has to give big discounts – and find tankers, which is becoming increasingly difficult. ....

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Oil slides as releases of reserves mulled

Oil declined ahead of an expected announcement by the US on a coordinated release of reserves, with OPEC+ warning that it might not restore as much crude to the global market if consumers go ahead with the move.
Futures in New York fell to nearly US$76 a barrel after rising 0.9 percent on Monday.
The US is preparing to announce the release in coordination with other nations soon possibly, overnight, people familiar with the matter said.
The move, likely in conjunction with India, Japan and South Korea, would be an unprecedented effort by consumers to tame prices.
China said that it is also ....

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