China and India may be buying more Russian oil than the US thought, so there is more supply on the markets, Cecilia Rose, one of President Joe Biden's economic advisers, said
China and India could buy more Russian oil oil than the US expected, Cecilia Rose, one of President Joe Biden's economic advisers, told Bloomberg.
“Now, in particular, oil markets are quite volatile. I've heard that part of the reason for this is that China and India are actually buying more Russian oil than we think, so there's more supply in the markets,”” she noted.
Reuters reported last week that India has recently increased its purchases of coal and oil from Russia. Oil imports, in particular, increased more than 30 times to $2.22 billion. One source attributed this to a proposed discount of up to 30% on Russian energy. Indian Foreign Minister Subrahmanyam Jaishankar explained the increase in Russian oil supplies by the fact that world markets have become less open, rejecting accusations of politicizing purchases.
According to Reuters, in May, China increased Russian oil imports by a record 55% year on year , to 8.42 million tons, ranking first among all exporters of this raw material to China and displacing Saudi Arabia. Moscow offers discounts to buyers in China.
American President Joe Biden said the day before that the US and the EU understood the consequences of restrictions on Russian oil— increase in fuel prices.
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