Saudi Arabia’s Covid Aid Comes At A Cost For India

Saudi Arabia’s Covid Aid Comes At A Cost For India

At a time when oil and gas investors have been celebrating the latest oil rally after OPEC+ pledged to maintain strict production discipline, not everybody is pleased with the direction things have been taking.

Just a month ago, U.S. oil exporters were licking their chops at the prospects of nabbing more business from a key customer: India. In April, reports emerged that New Delhi was looking to dramatically cut imports from Saudi Arabia, blaming the OPEC kingpin and other leading producers for driving up oil prices at a time when the country is grappling with one of the worst Covid-19 waves in the world.

But maybe they popped the champagne corks prematurely: Indian state refiners have now reversed the steep cuts in some quid pro quo after receiving critical medical aid from the Arabian oil giant.