Major oil producers scramble to court India amid rising demand
India is suddenly the hottest ticket in the global oil scene. With nearly 90% of its crude requirements coming from abroad and demand expected to keep rising, big producers like Russia, Saudi Arabia, the UAE, and the US are scrambling to win favor.
The ongoing West Asia conflict has only made this race more intense. According to the International Energy Agency, India is expected to account for one of the largest shares of global oil demand growth over the next decade, so everyone wants in.
Russia supplies about 40% to India
Russia now supplies about 40% of India's imported crude thanks to discounts and Western sanctions.
Meanwhile, Gulf countries aren't backing down: Saudi Arabia and the UAE are investing heavily in Indian refineries and teaming up with local companies.
The UAE formally exited OPEC+ on May 1 so it could gain greater flexibility to expand output, making sure it stays relevant as competition heats up.