At least two Indian refiners plan to buy less Saudi oil than usual in May, after the kingdom raised the official selling price (OSP) to record highs for Asia, two sources said on Wednesday, as India increases purchases of cheap Russian crude.

India, the world's third biggest oil importer and consumer, has been hit hard by rising crude values, with pump prices in some states touching record highs.

State oil producer Saudi Aramco, the world's top oil exporter, has raised crude prices for all regions, with those to Asia hitting all-time highs.

The Middle East accounts for the bulk of India's oil imports, with Iraq and Saudi Arabia the top two suppliers to Asia's third largest economy.

The sources at the two Indian refiners declined to be named, citing confidentiality.

They did not disclose the volumes refiners would buy, and said the reductions in May would be marginal because they have to lift the amount they have committed to under annual contracts.

https://www.msn.com/en-gb/money/other/some-indian-refiners-set-to-cut-may-saudi-oil-snap-up-russian-barrels/ar-AAVVlpU

The tides are changing

Russia oil be like ibo market, very cheap

Russia gave India 30% discount meaning more oil to India government.
EU can buy from Saudi and Qatar

If this is true, then Saudi should understand that they are not the only oil producing country in the world, using OPEC to define how and what oil prices should be........ No country has monopoly of resources..... I believe the Indians and other countries with high consumption rates that depend mainly on imports of certain commodities would do what is to there best interest

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seunny4lif:
Russia gave India 30% discount meaning more oil to India government.
EU can buy from Saudi and Qatar

The EU is not buying from Saudi / Qatar i think Germany made a deal with the Qatari to export gas. The EU has not sanction the oil/gas of Russia for now let's watch and see what would happen in the future.

seunny4lif:
Russia gave India 30% discount meaning more oil to India government.
EU can buy from Saudi and Qatar

India is facing a lot of heat as US and EU see the move as undermining their currencies

Do you know how desperate you have to be that you throw discounts around

It means no one will risk buying from you at the normal price

I believe USA will understand that India needs the oil

The open attack na disgusing

USA need India to checkmate China

And so it begins