New Delhi: In order to weaken the Russian economy, many western countries including America have imposed economic sanctions on Russia. In such a situation, to maintain its economy, Russia is selling oil to many countries at cheap prices. Saudi Arabia has suffered a lot after Russia's entry into the oil market. Let us tell you that, within the last one year, Russia has given a tough challenge to the one-sided rule of Saudi Arabia in oil exports. 

Actually, most of the countries to which Russia exports crude oil at cheap prices are Asian countries. This means that with the help of subsidized prices, Russia has mainly attracted Asian countries. How Russia has given competition to the kingdom of Saudi Arabia in Asian countries can also be estimated from the fact that Russia used to export less than one percent oil to India before the Ukraine war. But today, leaving countries like Saudi Arabia, Iraq and UAE, Russia has become the number 1 oil exporting country for India. Recently, Russia has decided to give oil to another Asian country Pakistan at cheap prices.  

Saudi Arabia has also taken a big decision to deal with Russia's increasing steps in the Asian region. According to the report, the world's top oil exporting country Saudi Arabia has cut the price of crude oil for Asian buyers for the first time in 4 months. According to a statement issued by Saudi oil company Saudi Aramco, the price of Arab light grade oil to be loaded in June has been reduced by 25 cents per barrel as compared to May. 

It is also worth noting that this deduction is also less than the estimated cut of 40 cents in the market. It was believed that Saudi Arabia would cut the price of crude oil by about 40 cents after the Organization of the Petroleum Exporting Countries and its allies (OPEC+) suddenly announced a cut in oil production. Because Asian refineries are sluggish due to continuous rising price and increasing supply of refined oil after cutting oil production. In such a situation, due to the reduction in the price of oil, some refine companies may reduce the purchase of oil or slow down the supply.

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