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Russia Boosting Crude Supply to India

Russia Boosting Crude Supply to IndiaRussia Boosting Crude Supply to India

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 tons per year, but since the start of 2017 supplies have surpassed 1 million tons and are expected to rise further, Reuters reported. 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. State oil giant Saudi Aramco will reduce oil deliveries to Asia by about 7 million barrels in June, including by 3 million barrels for India, as it consumes more crude domestically while its production remains curtailed by the OPEC pact.

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