Table of Contents
Introduction
Middle East Oil Exporters Overtake Russia In Indian Market ( Fuel News )
Over the recent times Russia’s position as a dominant oil and natural gas supplier to India has been facing immense challenges as Middle Eastern exporters gain huge Indian market energy share.
Over the year India has always been one of the fastest growing energy consuming country, shaping the global oil trade dynamics.
In a latest move, Middle eastern countries namely Saudi Arabia, Qatar, UAE and Iraq and their corresponding ministries have stepped up efforts to secure a very long term partnership with India, offering a very competitive pricing and flexible supply options.
This move comes as India plans to diversify its oil and natural gas imports and reduce its dependency on a single country or a particular region.
Strategic Reasons
Middle Eastern region has a great logistical advantage which allows these countries for faster and cost effective shipping when compared to oil sourced from Russia.
Also the Indian Petroleum Ministry, has deepened ties with Gulf Corporation Council Nations [GCC Nations], exploring not only crude oil but also exploring renewable energy and sustainable energy resources.
Conclusion
While Russian oil plays a very significant role in India’s Energy Mix, but increasing competition from Middle Eastern suppliers highlight the ever evolving global oil trade.
This recent development highlights India’s strategy to balance its energy imports ensuring energy supply security. This move is a part of India’s alignment to its greater economic and geopolitical objectives.
Disclaimer – “All content provided is for informational purposes only and should not be considered as professional advice.”
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