Despite the intense pressure of America and European countries Not buying oil from Russia, India and China are buying Russian crude oil indiscriminately. This thing constantly bothers America. US President Joe Biden’s economic adviser, Cecilia Ross, says Russia’s oil consumption through India and China is exceeding its estimates.
Globally, there was a drop in the price of WTI crude oil, and it was about $105. At the beginning of this month, the cost of crude oil was $122 a barrel.
China is the only country where oil is shipped from Russia’s Pacific coast ports. Most of the oil is exported to India from the western coasts of Russia.
India and China are the two countries in which the maximum amount of crude oil is supplied from the ports of Russia. China and India buy nearly half of Russia’s oil from these ports.
In the first week of June, about 860 thousand barrels of oil per day were loaded into tankers at the western export terminals of Russia. This oil was later sent to Asian countries.
India and China buy more Russian crude oil than US estimates
Cecilia Ross, chair of Biden’s Council of Economic Advisers, said, “There’s a lot of turmoil in the oil markets right now. I’ve heard that China and India are buying more Russian oil than expected.
Ross made the remark at a time when Biden asked Congress to repeal the tax on gasoline for three months to give consumers some relief. Biden wants to cancel this tax to increase the supply of oil in the market.
On Biden’s move, Ross said the drop in global oil prices will pass on to consumers, but challenges remain. “Welcome lower prices. We hope that consumers will benefit from it as well, but we also know that this war (the Russian-Ukrainian war) will not end tomorrow.”
However, there are no indications that Congress will accept Biden’s request. Biden also asked states to repeal the gas tax. Some countries have already done so.
Let us tell you that after the war on Ukraine, America and European countries imposed many types of sanctions on Russia. Among them, the export of Russian oil was also banned. After that, Russia began selling crude oil to many countries, including India and China, at huge discounts.