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The Gulf calling as India rethinks its oil map beyond Russia
India is preparing to lean more on West Asian oil suppliers such as Saudi Arabia, the UAE and Iraq, as the United States tightens the screws over its imports of Russian crude, reported Mint citing people familiar with the matter
For decades, India’s refiners sourced most of their crude from West Asia. That changed three years ago when Russia, shut out of European markets after invading Ukraine, began offering deep discounts.
Saudi Aramco and Abu Dhabi National Oil Co., the energy flagships of Saudi Arabia and the UAE and among West Asia’s top crude oil producers, are now back on the list of suppliers India may turn to.
As per the report, import of Russian oil will continue, but India is also looking at diversifying its imports, and higher supplies from West Asia are being looked at.
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