Russian supply cuts, low discounts top India's woes from soaring oil prices

That leaves Indian state oil companies caught in the crosshairs of higher oil prices, supply cuts, impending elections and growing losses

India's economy, already troubled by shrinking global demand for its goods and services, faces a double whammy in rising crude import costs from surging oil prices and shrinking supplies of discounted Russian oil.

India is staring at a spectre of soaring crude prices and lower shipments from Russia, its biggest oil supplier, and from its traditional West Asian crude sellers after output cut announcements by Saudi Arabia and Russia sent Brent crude to its highest level this year, climbing 25 per cent in the last three months to over $90 a barrel.

Saudi Arabia and Russia said on Tuesday that