Business Standard

As Russia becomes India's premier oil supplier, Saudi is not losing sleep

Despite losing its place to Russia in India, the world's third biggest oil importer, the kingdom is confident it holds the cards for crude supplies in the long term

crude oil

Photo: Bloomberg

S Dinakar
A few years ago, when top officials of Indian state-run refiners went to Dubai to negotiate a crude oil supply contract, a senior official from state-owned Saudi Aramco told them, “We can negotiate on anything, but I am the last man standing for you. Nobody can offer the range of crudes we do with certainty,” an official who was part of the negotiating team recalls.

Perhaps that explains why Saudi Arabia is less concerned about losing its place as India’s premier oil supplier to an upstart like Russia, which emerged from nowhere to become India’s biggest crude oil supplier in

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First Published: Nov 23 2022 | 6:05 PM IST

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