This time oil crosses $ 300, Joe Biden’s stupidity is going to make the world cry
US President Joe Biden is making all kinds of wrong decisions. Due to which the whole world including India can get stuck in economic crisis. Biden wants to punish Russia for attacking Ukraine. But in this punishment, oil is sure to come out of the whole world. Because till now the economic sanctions that were imposed on Russia did not affect the world much. But Biden's new decision is going to make everyone cry.
Russian oil import ban
Joe Biden announced today that the US will no longer import oil and gas from Russia. He said that right now the whole world cannot completely ban Russian oil imports. It will take some time. Biden wants to turn Russia into Iran and Venezuela. Because America has placed sanctions on Iran oil imports. Because of which no country wants to import Iranian oil.
But if there is an oil import ban on Russia. So America will have to prepare an alternative to Russia. Oil import sanctions on Venezuela and Iran will have to be lifted. If oil import restrictions from these two countries are also lifted and Biden imposed oil import sanctions on Russia. Then the whole world economy will collapse.
Oil price crosses $300
Russia has warned the whole world that if the US and the European Union impose sanctions on Russian oil imports, such a move will bring disastrous consequences and the price of a barrel of oil can cross $ 300. Now you can think that the whole world is running with the help of oil and if the price of oil rises to $300. So serious economic crisis can arise in developing countries like India, Nepal, Sri Lanka and Pakistan. It will have the most severe impact in India as India imports oil worth $150 billion every year. But when the price of a barrel of oil reaches $ 300, then India’s oil import bill will directly cross $ 200 billion.
This situation will prove to be like suicide for India. Because oil directly affects the daily needs of people. Especially in a country like India, the price of oil is a very sensitive issue. Everything in India will become expensive immediately. Inflation will scare the people of the country in every way.
This will be the condition not only of India but of China, Pakistan and all developing countries. There will be some countries which will not be able to import expensive oil.
OPEC countries
OPEC countries have made it clear that they all stand with Russia and are not going to increase oil production at all. Now the world fears that if there is an oil import ban on Russia, then there will be a huge shortage of oil in the whole world. Due to which oil will break all its old records.
Currently, oil prices have reached $130 per barrel. Which is the highest in 15 years. If oil prices continue to rise like this, oil will soon cross $200 per barrel.
OPEC countries at present
The current OPEC countries are Algeria, Angola, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Republic of Congo, Saudi Arabia, United Arab Emirates and Venezuela. Russia is a non-member country in this. But still able to control oil prices. Because Russia is the second largest oil producer and exporter in the world. That’s why Russia is not Iran, so that won’t make much difference to the world. Oil import sanctions on Russia will bring economic ruin.
