Russia Undercuts Saudi Oil in India as Competition Heats Up
- Supplies have been at discount to kingdom’s crude since April
- Iraq is top supplier to Asian nation with competitive prices
Oil barrels in Faridabad, India.
Photographer: Anindito Mukherjee/BloombergThis article is for subscribers only.
A fierce battle is brewing in India where Russia has undercut the price of oil from its OPEC+ ally Saudi Arabia, paving the way for Moscow to expand market share in one of the biggest crude importers.
Russian barrels were cheaper than Saudi crude during April through June, with the discount widening to almost $19 a barrel in May, according to Bloomberg calculations based on Indian government data. Russia surpassed the kingdom as the second-biggest supplier to India in June, ranked just behind Iraq.