Despite strong pressure from America and European countries In order not to buy oil from Russia, India and China are buying Russian crude indiscriminately. This thing constantly worries America. US President Joe Biden’s economic adviser Cecilia Rouse says Russia’s oil consumption through India and China exceeds his estimates.
Globally, there was a drop in the price of crude oil at West Texas Intermediate, and it hovered around $105. At the beginning of this month, the cost of crude oil was $122 per barrel.
China is the only country to which oil is shipped from Russia’s Pacific coast ports. Most of the oil is exported to India from the western shores of Russia.
India and China are the countries where the maximum crude is being supplied from Russian ports. China and India are buying almost half of Russia’s oil at these ports.
In the first week of June, about 860,000 barrels of oil per day were loaded into tankers at Russia’s western export terminals. This oil was later sent to Asian countries.
India and China are buying crude from Russia more than the US estimates.
Cecilia Rouse, chair of Biden’s Council of Economic Advisers, said: “There’s a lot of turmoil in the oil markets right now. I heard that China and India are buying more Russian oil than anticipated.
Rouse made this statement at a time when Biden called on Congress to eliminate the gas tax for three months to provide some relief to consumers. Biden wants this tax removed to increase the supply of oil from the market.
On Biden’s move, Rouse said the drop in global oil prices would trickle down to consumers, but challenges remain. “We welcome the drop in prices; hopefully consumers will also benefit from this, but we also know that this war (the war between Russia and Ukraine) will not end tomorrow,” he said.
However, there is no indication that Congress will agree to Biden’s request. Biden had also called on states to eliminate the gas tax; some states have already done so.
Let us tell you that after the war in Ukraine, the United States and European countries imposed many kinds of sanctions on Russia. Among them, the export of Russian oil was also banned. After this, Russia began selling crude oil to many countries, including India and China, at deep discounts.