The global oil crisis is deepening. Amidst a war-like atmosphere in the Middle East, Russia has taken a decision that has taken everyone by surprise. Russia has explicitly stated that it will no longer disclose to the world the specific figures regarding the volume of crude oil it is supplying to India. In fact, the matter does not end there.
Rising tensions in the Middle East have severely disrupted oil supplies passing through the Strait of Hormuz—a vital route through which approximately 20% of the world’s oil travels. Against this backdrop, the United States has executed a major U-turn, granting India a special 30-day waiver to continue purchasing oil from Russia.
In other words, while Russia is willing to quietly continue its oil shipments on one hand, the United States, on the other, is—out of necessity—also clearing the path for them. And now, the biggest question is: amidst this crisis, is India emerging as the most significant player in the global oil game? Tell us: whose move in this entire unfolding scenario do you consider to be the most astute?
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