MOSCOW: Russia has steeply raised Urals oil supplies to India, taking market share from OPEC countries that are cutting production as part of a global pact to prop up prices, traders said and shipping reports showed on Wednesday.
Historically, Russian crude oil exports to India did not exceed 500,000 tonnes per year, but since the start of 2017 supplies have surpassed 1 million tonnes and are expected to rise further, according to the traders and reports.
India's main crude suppliers, Saudi Arabia and Iraq, cut exports to India this year due to production curbs under the agreement between OPEC and other leading oil producers.
Iran, also a major supplier to India, is decreasing shipments due to a row over a gas field between New Delhi and Tehran.
Comments
Comments are closed for this article.