Russia And Saudi Arabia Are Battling For Oil Market Share In Asia

After months of increased Russian crude oil and petroleum product volumes heading to Asian customers, mainly China and India, Russian oil is now facing stiff competition. The first signs of a potential reversal of Moscow’s luck in Asia are showing as media reports that Russian crude oil volumes to India have fallen for the first time since March (the start of the Russian invasion of Ukraine). Indian refiners are reported to have lifted more term supplies from Russia’s main rival, Saudi Arabia, as Aramco’s price setting strategy…