The White House requests India and Japan to support a Russian oil price cap that will enable less to pay per barrel of oil. This US administration has been vocal against New Delhi and Beijing to stop buying oil from Russia, and the US wants both India and China to legitimize its illegal sanctions.
Moscow Sells Cheap Oil to Friendly Nations
Scheduled Quad meeting in Sydney will have to pressure New Delhi to support cheaper oil imports, according to US Energy Secretary Jennifer Granholm told Bloomberg on Monday.
This desperate price cap was first spoken of at the G7 Summit held in Germany. The Indian Prime Minister Narendra Modi was also invited, reported Sputnik News.
According to the G7 joint statement, they want to get oil cheap from Russia via a price cap. But keep their goals to lessen dependence on Russian energy without affecting climate goals.
India and China have been getting discounts, so the US thinks it deserves the same privilege after oil producers rebuffed Joe Biden's pleas to increase production.
Sources say the White House wants an oil price cap of $40-$60 a barrel, but Moscow won't have it. To get what the US wants, it will penalize insurance and transportation services shipping Russian crude; Putin has rebuffed and mocked western leaders for similar impositions.
Self-Inflicted Energy Crunch
Efforts to punish Moscow backfired, and a repeat of the Global Financial Crisis (GFC) in 2008. EU and Japan's significant reliance on Russian oil, natural gas, and coal excludes Moscow's energy exports from six rounds of coordinated sanctions.
India and China don't care about the west's sanctions against Moscow; Washington and the European Union are less important than energy security for Delhi and Beijing. Many in Europe are afraid of no heating and will pay high for fuel, too, all because they allowed the US to dictate.
Despite criticism, the Indian Prime Minister told the Group of Seven that New Delhi would have energy security. He rebuffed the G7 leader for the extreme effort to pressure India in failed sanctions.
Western pressure is not a factor for India, as the EU and United States struggle to survive. In contrast, India and China have a boom time importing oil and are not as bothered.
According to data cited by several financial sources, New Delhi, the second-largest crude importer in the world, purchased a record-high one-fifth of its total supplies from Moscow in June. Russia bypassed Saudi Arabia as the energy provider to New Delhi in May.
The White is willing to force India and Japan to push an oil price cap due to the crisis of their own making. But, the US administration is bound to fail on the world stage again and again until credibility is negligible.
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