International crude oil prices have experienced a roller coaster ride with a surge followed by a plunge.

Last week, the OPEC+ meeting determined the latest production cut plan, and oil prices immediately saw a continuous surge.

Subsequently, the US authorities strongly criticized the production cut, with some even threatening to impose sanctions on Saudi Arabia.

As a result, the current WTI crude oil price has fallen from a high of $75 to a low close to $70.

Does this mean that the US has won again?

01, Roller Coaster

At the beginning of June, the lowest oil price fell to $67 per barrel, and after the OPEC meeting began, the oil price quickly rebounded.

Especially after the production cut agreement was reached, the oil price even jumped to $75.

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However, in just two trading days, the oil price continued to fall, returning to the $70 level.

For the US, naturally, it does not want oil prices to rise, which is a significant side effect for the US to control inflation, so the US has such a strong reaction to OPEC's production cut decision.But now it seems that the decline in oil prices is not directly related to the United States' stance, but is rooted in the economic downturn in Europe and America, especially the dollar crisis that the United States itself is facing.

02, Troubles in the U.S. economy

According to relevant data forecasts, this year's U.S. debt has already reached the upper limit of 31.4 trillion U.S. dollars. Now that the new U.S. debt ceiling bill has been passed, the U.S. Treasury may issue more than 1 trillion U.S. dollars in debt in the short term.

Experts say that with the continuous increase in the U.S. debt ceiling, the risk of U.S. debt default is still high in the medium and long term.

Every debt crisis is resolved by continuously raising the debt ceiling, or even suspending the debt ceiling.

This has actually had a bad impact on the economy. Reflected in the stock market, after the U.S. debt ceiling crisis in 2011, the S&P 500 index fell by 16.7%.

After the debt crisis in 2013, the S&P 500 index fell by 4.1%.

In the recent period, the continuous decline in international oil prices is also closely related to the U.S. debt crisis and the severe U.S. economy.

03, India benefits

So from this perspective, the oil price has fallen again, and Saudi Arabia and Russia, which are trying to reduce production, are naturally the losing side, but the United States is definitely not the winning side.On the contrary, it appears that India is reaping the benefits.

According to data released by India, the amount of crude oil imported from Russia is now increasing, surpassing the combined total of the countries ranked below it.

This data has attracted widespread attention and interpretation from industry insiders. Some analysts believe that this indicates India is gradually reducing its dependence on Middle Eastern oil-producing countries such as Saudi Arabia, and turning its attention to other suppliers like Russia.

In addition, India's strategic cooperation with Russia has been continuously strengthening in recent years, which has also provided more opportunities and space for cooperation between the two countries in the energy sector.

As a rapidly developing economy, India's demand for energy is also increasing.

More importantly, since Europe could no longer obtain crude oil supplies from Russia, India has become an international middleman for Russian crude oil, a role that India is more than happy to embrace.