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Oil prices rise to near $90/bbl on account of US crude stock drop
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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

Topics
Russia | Saudi Arabia | Crude Oil

S Dinakar 



crude oil
Discounts by Russia have not gone unnoticed. In fact, OPEC+, led by Saudi Arabia and Russia, dictates oil prices to a certain extent. But Riyadh has refused to accommodate New Delhi’s interests by offering lower rates

A few years ago, when top officials of Indian state-run refiners went to Dubai to negotiate a 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.

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First Published: Wed, November 23 2022. 18:05 IST

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