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Oil Markets
Middle Eastern vs Russian crude - the tug-of-war to woo Indian refiners
Jul 25, 2024
Exploring the shift in India's oil imports towards Russian crude and its impact on traditional Middle Eastern suppliers. Analysis of market dynamics, OPEC agreements, compliance issues, and potential scenarios. Discussion on Middle Eastern exporters' strategies and OPEC production cuts.
18:10
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Quick takeaways
- The increase in Russian crude imports by India has diversified its oil trade dynamics, reducing Middle Eastern barrels.
- Indian refiners are considering long-term deals for Russian crude to enhance procurement strategies and stability.
Deep dives
Impact of Russian Crude Imports on India's Oil Market
The drastic increase in Russian crude oil imports by India has significantly diversified the country's crude import basket, leading to a reduced share of Middle Eastern barrels. This shift has reshaped India's oil trade dynamics, with major suppliers like Saudi Arabia and Iraq experiencing a decline in market share. The resilience and attractive pricing of Russian crude have propelled its dominance in India's oil imports, prompting discussions on potential long-term deals between policymakers in India and Moscow.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode