The black market for oil will continue to thrive

Russia, Iran and Venezuela are selling an estimated NZ$1.76 billion worth of oil a day, despite being subject to sanctions. (Image: DepositPhotos)

Bloomberg

Sat, 15 Feb 2025

By Javier BlasOil smuggling isn’t easy, but it’s so enormously profitable that obstacles only slow it down. Sure, the authorities can make dealing illicit barrels a bit less financially rewarding; ultimately, however, the oil will flow. And it is flowing. Russia, Iran and Venezuela – the three major oil-producing countries under Western sanctions – are still pumping about 16 million barrels a day of crude and other oil liquids. Assume the trio are selling oil at a 20% discount to market prices and do the m...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Stay informed on business, government and financial developments across New Zealand.
Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Markets Market Close

NZ sharemarket down, but Ryman up 11% in two days

The S&P/NZX 50 Index closed at 12,305.79 – down 28.39 points or 0.23%.

Graham Skellern 6:10pm

Primary Sector

New Image Group founder detained in Vietnam

Graeme Clegg's detention is allegedly over a disputed court order.

Riley Kennedy 4:20pm

New Image Group founder detained in Vietnam

Policy

Govt support to unlock billions for community housing

It's been called a watershed day for the community housing sector.

Oliver Lewis 4:00pm

Govt support to unlock billions for community housing

Sponsored

Continuing Arnold Downer’s legacy: infrastructure, inclusion and impact

‘The Downer difference’ in action: building communities, creating lasting change.

Sponsored by Downer

Sponsored

“Extraordinary” uptake for Auckland’s new growth hub

63% of lots at Spedding Road precinct sold ahead of completion.

Spedding Road

More Energy

Markets

Contact to appeal Southland Wind Farm decision

Contact Energy plans to appeal the Southland wind farm rejection and reapply under the new fast-track consenting process.In March, a fast-track consenting panel, convened under the now-replaced covid-era law, rejected Contact’s application to build a $1 billion wind farm capable...

Staff reporters 9:00am