Despite heavy pressure from America and European countries not to buy oil from Russia, India and China are buying Russian crude oil indiscriminately. This thing is constantly troubling America. US President Joe Biden’s economic adviser, Cecilia Rouse, says that Russia’s oil consumption through India and China is more than her estimates.
Globally, there was a fall in the price of crude oil in West Texas Intermediate, and it was around $105. At the beginning of this month, the cost of crude oil was $ 122 per 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 countries where maximum crude oil is being supplied from the ports of Russia. China and India are buying almost half of Russia’s oil from these ports.
In the first week of June, about 860,000 barrels of oil were loaded per day into tankers at Russia’s western export terminals. This oil was later sent to Asian countries.
India and China are buying Russia’s crude oil more than the US estimates
Cecilia Rouse, chair of Biden’s Council of Economic Advisers, said, “There is a lot of turmoil in the oil markets at the moment. I have heard China and India are buying more Russian oil than anticipated.
Rouse made this statement at a time when Biden asked Congress to remove the tax on petrol for three months to give some relief to consumers. Biden wants this tax to be removed to increase the market’s oil supply.
On Biden’s move, Rouse said the fall in global oil prices would pass on to consumers, but challenges remain. “We welcome the drop in prices; hopefully, consumers will also benefit from it, but we also know that this war (Russia-Ukraine war) is not going to end tomorrow,” he said.
However, there are no indications that Congress will accept Biden’s request. Biden had also asked the states to remove the tax imposed on gas; some states 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 this, Russia started selling crude oil to many countries, including India and China, at huge discounts.