India’s major shift in its oil purchasing pattern last month from Russia to Saudi Arabia has been interpreted by many global oil market participants as an early sign that the role Washington had envisioned for the country at the time of the 2020 ‘relationship normalisation’ deals might be in play again.
This buying pattern, though, is unlikely to be sustained and, even if it is, Saudi Arabia and Russia are still working too closely together in the oil market to allow the U.S. any greater leverage over oil flows and pricing than…India Ramps Up Saudi Crude Purchases, But It’s Not A Gesture To Washington
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