As has been noted before China imports about 12 million barrels/day and India 4.5 million barrels/day. Both countries have domestic oil production, but far under their consumption.
The world as a whole is listed with oil production of 99.x million barrels/day and oil consumption of 101 million bpd. The differential is generally oil enroute (and thus drawing the storage of what is on tankers).
BUT THE OVERALL POINT IS — India and China must have oil. It’s not discretionary. Food doesn’t move to grocery store shelves without oil. Given that overall world production and consumption profile . . . if they are getting it from Russia there is nowhere else for them to get it.
OPEC+ has announced increases in production (note Russia is a major part of OPEC+) but only a few hundred K bpd. India and China’s oil deficit is MILLIONS of bpd.
You cannot sanction countries and tell them you require them to starve their population. What country would allow that? If products can’t sell to the US, that would be an impact on their economy. Having the population die of starvation is rather a larger impact.
Having the population die of starvation is rather a larger impact.-
That’s been done to India several times. They are remarkably tetchy on the topic.