India's energy alliance with Saudi totters after years of co-operation

India is the third largest market for Saudi crude. But after a year of Covid, the latter isn't keen to let prices hover at under $80 a barrel, the break even at which its budget wipes off red stainsi

After almost agreeing with India to become a strategic partner for oil security, Saudi Arabia has walked back some distance. This is surprising after the level of cooperation the two countries had begun to demonstrate in the past few years. 

For India this reduces some of its options to build energy security in the economy as the plumbing for its growth strategy. In several episodes in the past, India’s growth has sized up as oil prices suddenly skyrocketed. 

The strategic partnership India had offered Saudi Arabia was to fill one cavern at Padur reserves. The union cabinet had approved a