China and India may be buying more Russian oil than known, says US
China and India may be buying more Russian oil than the US previously believed, easing a supply crunch in global markets and potentially driving a recent price decline, one of President Joe Biden’s economic advisers said.
The price of West Texas Intermediate crude has fallen to just over $105 from more than $122 earlier this month — raising hopes that pressures may ease at the gas pump.
While China is emerging as the only market for crude shipped from ports on Russia’s Pacific coast, India has rapidly become the largest purchaser of barrels loaded at ports on its western shores.
