US, Saudi Arabia vie for larger share of India's crude oil import pie

Amid global oversupply, the US is emerging as a cost-competitive oil supplier to India, challenging Saudi Arabia and other Gulf producers even as Russian barrels dominate

The United States (US) and the Gulf, led by Saudi Arabia, are in competition for a larger share in the import of crude oil by India, the world’s fastest-growing oil consumer, amid growing pressure by Washington on India to stop purchases from Russia, its largest supplier.

 

Crude oil from the US is turning competitive owing to a global oversupply, running Mideast crude grades close and making it justifiable for Indian refiners to increase purchases for reasons of economics rather than political pressures, according to senior industry sources, pricing documents, and the shipping data. 

In response, Saudi Arabia, India’s third-biggest supplier