China & India Boost Oil Purchases, Relieving Producers

China and India ramp up crude oil purchases, easing concerns for oil producers. Both nations, primarily buying from the Middle East, have increased their purchases since November. India has also expanded its reach to West Africa and Qatar. With limited demand from other countries, China and India play a crucial role in balancing global oil supply and demand. Despite new US sanctions on Russian oil, both nations continue to be the biggest buyers, with India increasing its intake before the sanctions took effect.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.