The West is tapping into its own reserves, leaving others with canceled Russian oil
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Russia’s foreign minister is going to India for a two-day visit on Thursday, during which one big meeting agenda item is oil. Unlike the West, India is seizing the moment to get its hands on heavily discounted oil that everyone else is shying away from. There is talk about India using Russia’s local payment messaging system now that Russia has been booted from SWIFT. Anonymous reports say government-level discussions are happening, with Russia wanting India to take 15 million barrels of oil.
Meanwhile, the US has tapped into its own oil reserves to try and calm gas prices within its borders, an announcement that made oil prices drop a lot.
Key comments:
“When oil prices go up, I think it’s natural for countries to go out into the market and look for what are good deals for their people,” India’s Foreign Minister Subrahmanyam Jaishankar said. “I am pretty sure that if we wait two or three months and actually look at who are the big buyers of Russian gas and oil, I suspect the list won’t be very different to what it used to be, and I suspect we won’t be in the Top 10 of that list.”
“Look, I know gas prices are painful. I get it. My plan is going to help ease that pain today and safeguard against tomorrow,” Biden said. “I’m open to ideas and to strengthen the plan, but I will not be put off and put it on hold. I will do everything at my disposal to protect you from Putin’s price hike. It’s not time for politics. Americans can’t afford that right now.”
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