⛽ Saudi Aramco halts crude supply to India
Saudi Aramco suspended crude supplies to Indian refiners following pipeline attacks in the Middle East. This action affects India's imports from Saudi Arabia, which accounted for about 9% of its crude imports since the war began. Brent futures are trading around $108 a barrel this week, and replacement sourcing is expected to raise procurement and freight costs. Refiners can source alternatives, but higher oil benchmarks and rising tanker rates are adding to the financial pressure. India is now focusing more on Russian crude amidst new US legislation regarding energy sanctions. ⛽