Russia needs buyers, China becomes support
The cheap oil from Russia is now going directly to China. Till a few months ago, this oil used to come to India in large quantities, but now the situation has changed. Under the pressure of America, India has reduced to buying oil from Russia and taking advantage of this opportunity, China has quickly replaced it. According to the Economics Times report, in August, China has ordered around 75,000 barrels of oil every day from the ports of Russia. This is the same Urals Crude Oil that India used to take earlier. China is now buying double oil already. In comparison, India’s purchase has fallen to 4 lakh barrels per day, which was earlier about 11 lakh barrels.
China is not afraid of trump
America wants no country to buy oil from Russia, so that it can be pressurized. In this effort, America has fiercely taxed all the goods coming from India. But America’s attitude towards China is completely different. No strict steps have been taken there yet. US President Donald Trump has said that talks are going on between Russia and Ukraine to end the war, so China is currently being exempted. White House advisor Peter Navaro said that India’s buying oil from Russia is wrong and harmful. But he admitted that by putting more pressure on China, America can suffer losses on its own, so the hand has been kept light there. In such a situation, experts believe that China can take out the arrogance of Trump in the coming time. Because China is now increasing friendship with India. Recently, China has removed export restrictions on many important things for India. Such as fertilizer, rare economies, magnets and tunnel burning machines will no longer be banned. This is expected to get a new speed to trade between the two countries.
China asked for storage tankers
The oil market is at this time towards China. The companies there have ordered 10 to 15 big ships (cargo) oil for October and November. Each ship has 1 million barrels of oil. At this time, two big ships Georgy Maslov and Zenith are standing on the Jhouushaan coast of China. This place is the base of China’s large oil company Zhejiang Petroleum. There is also a large reserves of oil nearby, where this oil will be stored. Chinese companies bought this oil when its price was just 1 dollar more than Brent Oil. That is, the price is still very cheap. At the same time, companies of India are currently buying oil from Russia. They are getting offers, but due to America, they are sitting hand in hand.
Russia needs buyers, China becomes support
According to the report, if China does not buy this oil, then Russia will have to make it more cheaper to sell it. Russia’s oil is already very cheap, yet due to America’s pressure, most countries are avoiding taking it. After the back of a big buyer like India, now Russia is the only way left with China.