Saudi Arabia has been an influential member of OIC and oil dependency on the country has largely affected India’s political maneuvering in international affairs. On behalf of Pakistan, the Organisation of Islamic Cooperation has constantly tried to poke its nose into the internal affairs of India. The downfall of the oil relationship with Saudi Arabia will finally end their decades of arm-twisting. In fact, it won’t be a far-fetched argument to assert that whatever modernity Arabians have, it is only on the back of oil revenues. That is why the region is heavily dependent on oil and related petrodollars for revenue. Only two percent of the area falling under the ambit of the Gulf Cooperation Council is arable. The Arab world is infertile, to say the least. The newly released numbers are nothing less than setback for the Arab world. Read more: Islamic nations are not miffed at India due to Islamic reasons, the truth is oily End of Gulf dominance In this oil battle, Iraq seems to be winning India’s ¼ oil import share with 26% in June. Similarly, UAE’s share in India’s imports was 15% in April, which decreased to 7% in June. In April, when Saudi Arabia’s share in India’s imports was around 19%, it reached 12% in June. Whereas, Saudi Arabia and UAE constantly decreased their export shares. Iraq constantly maintained its 25% average oil export to India. The game of discounting helped Iraq to maintain the top oil supplier throne of India. Competing with all, Iraq supplied with a much-discounted price of USD 93 per barrel. In June, when Saudi Arabia supplied oil at a price of USD 115 per barrel, Russia supplied USD 102 per barrel.
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