Russia enters the Indian oil market at the expense of OPEC’s titans.


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Russia is making significant inroads into the Indian oil market and may soon become the leading supplier to the massive Asian customer.
Despite the loss of many of its usual European customers, Moscow is on track to provide between 1 million and 1.2 million barrels per day to the world’s third-largest oil importer this month, according to tanker monitoring data collated by Bloomberg and two oil analytics firms.

This would put it neck and neck with, or slightly ahead of, Iraq, and much ahead of Saudi Arabia. The spike in flows will worry Baghdad in particular, because Iraq’s oil has increasingly had to discount in order to compete for market share in Asia.

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