When the UK and the U.S. banned Russian oil imports, and the European Union approved sanctions that made it a lot harder to trade in Russian oil, media reports highlighted the argument that Russian could not possibly replace Europe with Asia as its biggest oil client. What wasn’t so widely reported on was China and India’s dependence on imported oil, any imported oil compatible with their refinery setups, and how important prices were for both, given their size and import dependence. And both countries certainly took advantage of Western…
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