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As Saudi oil supplies rebound, India gets bargaining power in imports

New Delhi will have a variety of supply choices in the next few months at competitive rates from Russia, Iraq, Saudi Arabia

A sharp fall in global crude benchmarks will reduce costs of fuel, both oil and gas, to Indian consumers if State-run oil companies choose to pass them on

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Amid a Russian onslaught, Saudi Arabia has been concerned over lower imports of its crudes from China and India | Representational Image

S Dinakar New Delhi

5 min read Last Updated : Oct 01 2024 | 11:57 PM IST

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A resurgence in Saudi Arabian supplies of crude oil to India coupled with an attack on an Iraqi tanker in August carrying crude to Europe may result in improved bargaining power for India with Middle Eastern and Russian suppliers for winter supplies. Shipments of Saudi oil rebounded in September from August, surging to the highest since March while Russian oil shipments rose marginally as Saudi Arabia tried to claw back market share in Asia, according to industry sources and ship tracking data.

Saudi Arabian supplies to India surged by 40 per cent to 727,000 barrels per day

Topics : Crude Oil Saudi Arabia India-Saudi Arabia Middle East Indian oil import

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