Cheaper Gulf oil pulls India away from Russian crude
Gulf oil deals are becoming more attractive to India than Russian supplies, while shipping costs are climbing. Freight is the cost of moving cargo by sea, and it feeds into the price of fuel.
ContextAfter 2022, Russia sold discounted crude to India when Western sanctions pushed Moscow to offer cheaper oil to Asian buyers. Gulf countries such as Saudi Arabia and the UAE have long been major traditional suppliers of oil to India.
Read at Bloomberg.com
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