Here’s Why Biden’s Attempt To Strangle Russia’s Energy Industry Has Backfired
Increased demand for crude oil from China and India has allowed Russia to maintain its pre-Ukraine invasion production levels, according to the International Energy Agency (IEA).
China and India have emerged as the biggest consumers of Russian oil, according to The New York Times. China’s oil imports have increased by 28%, with Russia replacing Saudi Arabia as China’s largest supplier, while India’s oil imports have soared to more than 760,000 barrels a day.
imports of russian crude oil
india
pre-war: 30,000 barrels per day
now: 1,000,000china
pre-war: 1,700,000 barrels per day
now: 2,000,000— ian bremmer (@ianbremmer) June 27, 2022
In March, Russian crude oil sales to Europe dropped by 554,000 barrels a day, while Asian refineries increased their intake to 503,00 barrels a day, The NYT reported.
“Asia has saved Russian crude production,” Viktor Katona, an analyst at Kpler, told The NYT. “Russia, instead of falling further, is almost close to its pre pandemic levels.”
Russian oil has been sold at a steep discount to maintain production levels and avoid western sanctions for its invasion of Ukraine, according to The NYT. Despite these setbacks, rising energy prices have kept Russian oil profitable, which took in $1.8 billion more in May than it did in April, the IEA reported.
For Indian oil refineries, cheap Russian oil and high prices at gas stations means double the profits, The NYT reported. This refined oil is re-shipped to western nations like the U.S., U.K., France, and Italy, according to the Finnish-based Center for Research on Energy and Clean Air.
The IEA, Heritage Foundation, American Enterprise Institute and Brookings Institute could not be reached immediately for comment by the Daily Caller News Foundation.
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Biden said his sanctions were going to crush Putin but it’s just the opposite. The ruble is rising and the dollar is crashing Its not just China and India but all of Europe is still buying Russian oil and gas. Of course you won’t see that being reported.
One of the biggest causes of the Ukraine war was Biden’s destruction of our energy independence and Europe and Germany’s total dependence on Russian gas and oil after decades of their “Green” policies shutting down their nuclear and coal fired plants. It’s estimated that they get at 40% of their gas and oil from Russia. Nord Stream 2 runs directly from Russia to Germany and effectively catrates NATO. Biden destroyed the possibility of the U.S. as an alternative energy source for Europe and Germany. Putin saw this; the debacle in Afghanistan, Biden’s fecklessness, and decided to attack.
Biden and all the Democrats have refused to reinstate the policies that made us energy independent, so the “sanctions” are hurting us more than they are hurting Russia. How insane it is that Democrats and Republicans are all waving Ukrainian flags and talking about actions that could lead to WWIII while Europe is still funding Putin. NATO is a joke. Biden sent 40 Billion of our taxpayer dollars to Ukraine (and will soon ask for more) for a war that they can’t win, has caused a new refugee crises in Europe, will kill hundreds of thousands, and is destabilizing the world’s food production. Meanwhile, we are in a recession and will soon be in a depression. Way to go Brandon……..
Everything Biden touches turns to crap again, again, again…