Saudi Aramco-based oil company does not see any impact on its position in Asia, including India, from the redistribution of Russian oil supplies, has a share in these markets, the head of the company, Amin Nasser, said.

“Regarding the Indian market and imports of Russian oil, we have good relations (with importers in India – ed.), and we are a base supplier due to our reliability for customers both in Asia and around the world,” Nasser said during a conference call for investors, commenting on the impact of the reallocation of Russian oil supplies from Europe to Asia and India on Aramco’s position.

“We haven’t seen any impact from India importing more Russian oil on the supplies that the Saudi Aramco company makes. We continue to maintain our market share in Asia and India. As I said, they perceive us as a basic supplier because of our reliability,” he added.

Western sanctions against Russia due to a special military operation in Ukraine have forced Russian oil producers to divert supplies from the main European market to the Asian market and sell them at a discount. The Asian region is the main market for Saudi Aramco, while China, India, South Korea and Japan are the largest buyers of Saudi oil.

The reconfiguration of the markets allowed Russia to stop the decline in production, which was observed in March and April, as early as in May. At the end of June, Deputy Prime Minister Alexander Novak said that oil production in Russia had almost reached the level of February. Then Russia produced 10.2 million barrels a day. Novak said. In March and April the figure fell to about 9 million, and in June came to an average of 9.9 million.

As reported by Reuters, citing Chinese customs data, in May, Russian oil companies increased shipments to China to a record 8.42 million tons and displaced Saudi Arabia from the pedestal of the largest supplier. In June, Russia maintained its lead. And in August, the International Energy Agency (IEA) stated that Russia supplied more oil to China in June and probably also in July than Europe, and increased July exports to India to a record 975,000 bpd.

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