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(Zero Hedge)—Remember when, in the immediate aftermath of the Ukraine war, Russian oil immediately traded down to a discount of as much as 30% below spot Brent as the entire western world suddenly found itself locked out of access to the most valuable Russian export (which also meant that China and India were the only natural buyers left) and the price of Russian oil had to reflect the explicit plunge in demand?
Well, that’s no longer the case because in the two years since the start of the Ukraine conflict, it became apparent that Western sanctions were merely a theatrical publicity stunt as the alternative – strict enforcement – would have sent oil prices soaring and that would be unacceptable to a Biden administration terrified of losing the November elections if and when oil and gasoline prices surges.
And as fear of enforcement became a non-issue over time, so did the discount of Russian oil to Brent, which brings us to today, and Goldman’s “chart of the week” which illustrates the collapse in the discount on Russian crude oil close to zero relative to Brent, according to the bank’s estimates using the most recent customs data for December.
According to Goldman, which estimates the effective price of Russian crude paid by its trade partners using detailed customs data on import volumes and import payments for Russia crude, this drop in the price discount was primarily driven by the countries outside of the G7 coalition.
However, the discount has also narrowed for most of the buyers as Russian fleets were becoming more capable of operating under the G7 price cap.
The US Treasury’s recent decision to target Sovcomflot, Russia’s state-owned shipping company and fleet operator, comes against the backdrop of the drop in the effective discount late last year and the twin goals of US policymakers to “limiting Kremlin profits while promoting stable energy markets.”
It is also an admission that western attempts to prevent Putin from generating oil export revenues – critical in keeping the Russian war machine going – were either a failure, or merely a theatrical, virtue signaling sleight-of-hand from the beginning. And while the former is bad, the latter is far more disturbing as it suggests that the west has been willingly enabling Putin to sell oil and fund the war in Ukraine, the same war with Western nations are so vocally against.
Almost as if both Russia and the West are aligned in their (shared) goal of keeping the war in Ukraine going to its inevitable and dire, for Zelenskyy, conclusion; it also almost makes one wonder if the destruction of Ukraine – at the hands of Russia with the implicit enabling by the West – was a pre-planned exercise all along.
Full Goldman note available to pro subscribers in the usual place.
October September Surprises
by American Greatness
An October surprise is usually defined as the well-known (and more often left-wing) tactic of manufacturing or unloading a news story right before voting to surprise a rival without allowing them time sufficiently to respond or recover. Think of the last-minute bombshell disclosure, five days before the 2000 election, that…
Spiciest One-Minute Take On Entire COVID Sham: It Was All About Hysterical Female Energy
by Revolver News
There’s an intriguing argument being made about the COVID pandemic response, and it’s coming from a rather unexpected source—a woman. She suggests, in about one minute, that the entire reaction to the virus was driven by a distinctly female worldview. Honestly, this is the spiciest and best take we’ve ever…
NATO Prepares Mass Evacuation and Rescue Plans as Senior General Warns of World War 3 With Russia
by The Gateway Pundit
NATO is mobilizing its resources and strategic plans in anticipation of a potential all-out war, as articulated by Lieutenant-General Alexander Sollfrank, head of NATO’s logistics command. This urgent preparation underscores a grim reality: the specter of World War III is looming. In these two and a half years of war…
With the threat of a port strike and other disruptions to the medical supply chain, it behooves Americans to consider stocking up on long-term storage chronic medications, antibiotics, and other meds.
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Get Ready for Another Mail-in Ballot Fiasco
by Daily Signal
Many states are sending out mail-in ballots now for the Nov. 5 presidential election. Yet at the same time that so many more voters are depending on the mail to cast their ballots, the two leading national organizations of election officials wrote the U.S. Postal Service to demand immediate action…
Fact Check: Springfield, Ohio, Claims Haitian Migrants Are ‘Legal.’ Are They?
by Daily Signal
The Rust Belt community of Springfield, Ohio, now has a page on its website dedicated to answering common questions about the flood of illegal aliens, mostly Haitians, who have arrived there in recent years. “The City of Springfield has experienced a surge in our population over the last several years,…
United Nations JUST APPROVED the framework for a One World Government
by Glenn Beck
The United Nations kicked off its 2024 General Assembly by approving a group of game-changing proposals that are practically the framework for a One World Government. Glenn’s co-author for “The Great Reset,” “Dark Future,” and his upcoming book, “Propaganda Wars,” Justin Haskins, joins to break down what this “Pact for…
Reality Check: Has Telegram Bowed to Global Censorship Overlords After Founder’s Arrest in Paris?
by World Tribune
Less than a month after he was arrested by French authorities in Paris, Telegram CEO Pavel Durov announced the messaging app would bow to Western governments’ requests to provide Telegram users’ personal information. On Sept. 23, Durov said Telegram will provide users’ IP addresses and phone numbers “to relevant political…
‘Evidence Free’: Puberty Blocker Recommendation May Break Law, 21 Ags Warn Pediatrician Group
by Daily Wire
A group of nearly two dozen state attorneys general is warning the American Academy of Pediatrics that it may be breaking the law by continuing to recommend puberty blockers to children who are unhappy with their biological gender despite evidence the drugs cause harm. On Tuesday, the 21 attorneys general,…
FTC: Tech Giants Collecting Massive Amounts of Data From Kids and Teens
by Ava Grace, Natural News
(Natural News)—The Federal Trade Commission (FTC) has disclosed in a report that tech giants are collecting massive amounts of data from their young users. The FTC report published Sept. 19 expounded on how social media and streaming companies endanger children and teens who use their platforms. It also showed how “the tech industry’s…
The Vast Pharmaceutical Conspiracy to Silence Dissent Online
by A Midwestern Doctor
Story at a Glance: There has been a coordinated campaign to attack and defame anyone who has spoken out against the COVID-19 response. This has primarily been restricted to social media (e.g., getting people deplatformed) but it has also been weaponized in real life (e.g., getting medical licenses revoked). This…
Busted: Will Media Ignore Coke Censoring ‘President Trump’ but Greenlighting ‘President Harris’?
by Newsbusters
Here’s a story the liberal media won’t cover: Leftist soda giant Coca-Cola seems to have made it clear where its political loyalties lie for the 2024 election, and it may have violated federal election law in the process. When MRC researchers attempted to customize a “Personalized 12 fl oz. Can…
Texas Warns Venezuelan Prison Gang “Activity Happening Across State”
by Tyler Durden, Zero Hedge
(Zero Hedge)—Transportation Secretary Pete Buttigieg took to X on Tuesday. He wasn’t speaking about the need for racial equity in America’s highways or woke activism in the FAA, but he attempted to persuade the internet that “crime is down.” What a ‘weird’ topic for Buttigieg to discuss with X users,…
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I find that to be hysterical. If the new BRICS finds internal markets for all their energy, BRICS and OPEC are going to cut off the G-7 from all it’s energy including Uranium, and they want to go all the way up to the G-20. They have already stated this. The G-7 won’t be able to buy oil at any price. And according to Biden, that’s fine because we have windmills. Really. That’s our energy policy; we have windmills.
What a mess Trump is going to inherit.