Russia has been sending huge volumes of cheap crude to Asia in recent months, but Saudi Arabia is now eating into this new market share by reducing its oil prices.
- Aug 25, 2022, 6:00 PM CDT
Whether this is the start of a broader trend or just a temporary blip for Russian oil exports to Asia is yet to be seen, but competition between the two OPEC+ giants is set to intensify.After months of increased Russian crude oil and petroleum product volumes heading to Asian customers, mainly China and India, Russian oil is now facing stiff competition.
In the coming months, all eyes will be on India as international pressure builds on Delhi to change its pro-Russian oil policies. The Biden Administration has been very deliberate in its approach, putting pressure on Delhi to minimize its import of Russian oil and petroleum products. European countries seem to be following Washington’s lead, trying to coax India away from its addiction to Russian oil.
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