Interesting article on all the connected elements:
- China and India open to taking in Urals oil
- Urals similar to Middle East grades, but now selling at a discount.
- But then, need to factor in transport (Urals twice as far as Middle East for both India and China)
- Urals discount allows China to replenish strategic reserve
- Other stuff, including the swap potential (Middle Eastern oil ends up going to Europe)