In the past couple of months, Russia has become the second biggest oil supplier to India, leapfrogging other big producers like Saudi Arabia and the United Arab Emirates
HOUSTON — The European Union’s embargo on most Russian oil imports could deliver a fresh jolt to the world economy, propelling a realignment of global energy trading that leaves Russia economically weaker, gives China and India bargaining power and enriches producers like Saudi Arabia.
Europe, the United States and much of the rest of the world could suffer because oil prices, which have been marching higher for months, could climb further as Europe buys energy from more distant suppliers. European companies will have to scour the world for the grades of oil that their refineries can process as easily as Russian oil. There could even be sporadic shortages of certain fuels like diesel, which is crucial for trucks and agricultural equipment.
©2019 New York Times News Service