Russia Undercuts Saudi Oil In India

Russia Undercuts Saudi Oil In India

Newsdesk |
August 5, 2022

A fierce battle is brewing in India where Russia has undercut the price of oil from its OPEC+ ally Saudi Arabia, paving the way for Moscow to expand market share in one of the biggest crude importers.

New Delhi, 05 August 2022

As per news report of NDTV, Russian barrels were cheaper than Saudi crude during April through June, with the discount widening to almost $19 a barrel in May, according to Bloomberg calculations based on Indian government data. Russia surpassed the kingdom as the second-biggest supplier to India in June, ranked just behind Iraq. India and China have become willing consumers of Russian crude as most other buyers shunned its barrels following the invasion of Ukraine. The South Asian nation imports 85% of its oil needs, and cheap supplies provide some economic relief as the country faces elevated inflation and a record trade gap.

Source - NDTV


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