Russia Is Intent On Defending Its Oil Market Share In India. Why does Russia want to give more oil to India only? While there is more demand in China! #Russia #China #India #energy

"Russia is now the single biggest supplier of crude oil to India, with the world’s third-largest oil importer snapping up as much cheap crude as it can. 

Russia continues to ship growing volumes of crude to India even as Chinese demand rebounds, a sign Moscow is prioritizing the Indian market. 

While India and China are not part of the price cap coalition, they have been able to drive the price of Russian oil down due to a lack of other buyers.

Russia has become the single biggest crude supplier to India over the past year as the world's third-largest oil importer snaps up discounted Russian oil banned in the West. 

Russia has been redirecting most of its crude oil exports to China and India since the EU and the G7 announced plans to embargo seaborne oil imports from Russia and set a price cap on the crude if it is to be shipped to third countries using Western tankers and insurers. 

China's reopening is set to lead to a jump in oil demand in the world's top crude oil importer, where Russia has always competed with its OPEC+ ally Saudi Arabia. But Moscow isn't giving up the Indian market, either, where it has turned from a negligible supplier a year ago to the single biggest oil supplier now. 

China and India aren't abiding by the G7 price cap—they seek opportunistic purchases of cheap crude. The West believes that the price cap is benefiting the two large Asian oil importers with bargaining power to negotiate steep discounts from Russia, with traders covering shipping costs. The U.S. and the EU consider the increased leverage of China and India in driving a hard bargain for Russian oil as a success of the price cap policy."

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