India’s major shift in its oil purchasing pattern last month from Russia to Saudi Arabia is unlikely to be sustained
that: “If there is, first of all, fuel available at a discount [Russian Urals grade had been trading at a discount of around US$30 per barrel to the Dated Brent benchmark at the time], why shouldn't I buy it? I need it for my people, so we have already started purchasing.” He added: “We have started buying, we have received quite a number of barrels - I would think three to four days’ supply - and this will continue.
The opportunities for bleed-through military elements to appear in the wide-ranging accord was highlighted in a joint statement from Russia and India that ran: “[We have] reiterated their intention to strengthen defence cooperation, including in the joint development of production of military equipment.
The scale and scope of the pivot towards Russia and away from what the U.S. had planned for India could not have been more stunning. In the run-up to the U.S.-backed 2020 relationship normalisation deals done between Israel and several Middle Eastern and North African countries, India had been earmarked by Washington as potentially being the big new backstop bid for oil, taking this mantle – and power - away from China.
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