Saudi Arabia, Russia Showdown Over Crude Prices Arms India With ‘Additional Bargaining Power’

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Crude oil experts are left scratching their head in the aftermath of the OPEC+ meeting in Vienna held on March 5 and 6 as most variables of the oil market are left in flux. In a move that has shaken the crude landscape, Saudi Arabia has launched an oil war against Russia by announcing that it will hike oil production 12.3 million barrels per day (mb/d) from April, and has also offered deep discounts to its buyers, potentially swamping an already oversupplied oil market.

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Saudi Energy Minister Recommends Driving Down Oil Inventories

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“Overall, the market is in a delicate situation,” Khalid al-Falih told reporters ahead of a ministerial panel meeting of top OPEC and non-OPEC oil producers, including Saudi Arabia and Russia. He said the Organization of the Petroleum Exporting Countries, of which Saudi Arabia is de facto leader, would have more data at its next meeting in late June to help it reach the best decision on output.

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OPEC Cut Production by Nearly 800,000 Barrels a Day in January

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The Organization of the Petroleum Exporting Countries (OPEC) fell just short of its production goal in January, as a fresh round of output cuts from the 14-nation producer group got under way. The slight miss comes as the group once again cut its outlook for global oil demand in 2019. OPEC also slightly increased its forecast for supply from the United States and other non-OPEC nations.

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Iran Falls to Sixth Biggest Oil Supplier to India in November, From Fourth in October

Southeast Asia Should be Aware of Iran's Tactics to Evade Oil Sanctions

Oil imports of India from Iran plunged to their lowest in a year in November with Tehran dropping two places to become only the sixth biggest supplier after New Delhi cut purchases due to the impact of U.S. sanctions, according to ship tracking data and industry sources.

Read moreIran Falls to Sixth Biggest Oil Supplier to India in November, From Fourth in October