Saudi Arabia replaced Iraq as top oil supplier to India in July after a gap of more than a year, according to data from industry and shipping sources, as a higher intake of Iranian oil ahead of U.S. sanctions altered trade routes.
Saudi Arabia is ready to meet India’s need for additional oil supplies should the US sanctions on Iran hit energy imports, the Saudi ambassador said on Wednesday.
Saudi Arabia announced last week it was suspending oil shipments through the Red Sea’s Bab al-Mandeb strait after Yemen’s Iran-aligned Houthis attacked two ships in the waterway.
Saudi Arabia said on Thursday it was suspending oil shipments through the Red Sea after Yemen’s Iran-aligned Houthis attacked two crude tankers, underscoring risks caused by the conflict in the world’s top oil exporting region.
In a historic development, Iraq toppled Saudi Arabia to become the largest crude oil supplier for India, the world’s fastest-growing oil consumer, last financial year (2017-18).
Oil prices were little changed in early Asian trade on Friday, as investors eyed a key OPEC meeting in Vienna and Saudi Arabia and Russia, architects of a producer deal to cut output, indicated they want production to rise.
The Public Investment Fund (PIF) of Saudi Arabia, which has invested in SoftBank’s Vision Fund and ride-hailing firm Uber, is looking to invest in India’s infrastructure sector.
Oil prices inched down on Wednesday amid concerns that Saudi Arabia and Russia will pump more crude in the second half of the year in response to falling global crude inventories and rising consumer prices.
Oil prices were mixed in early Asian trade on Wednesday, with worries that Saudi Arabia and Russia will pump more crude weighing on the market.
Oil prices headed for its longest run of losses since February as Saudi Arabia and Russia mull easing curbs on crude production as concerns grow over supply shortages.