Tough entry: Oil trucks at Jawaharlal Nehru Port in Mumbai. The US and Russia find it hard to win more market share in India. — Bloomberg
MUMBAI: India’s biggest refiner is sticking to Middle Eastern oil as suppliers offer deep discounts, suggesting rival producers may have a harder time making inroads in the world’s third-largest crude importer.
Gulf producers such as Iraq and Saudi Arabia – which together supplied around 40% of India’s oil imports last year – have been offering cargoes at very attractive prices recently, Sanjiv Singh, chairman of Indian Oil Corp (IOC), said in an interview.
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