{"id":86825,"date":"2026-01-23T00:00:00","date_gmt":"2026-01-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/mena-india\/?p=86825"},"modified":"2026-01-23T10:19:58","modified_gmt":"2026-01-23T10:19:58","slug":"iraq-saudi-reclaim-indias-crude-share-amid-sanctions","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/mena-india\/2026\/01\/23\/iraq-saudi-reclaim-indias-crude-share-amid-sanctions\/","title":{"rendered":"Iraq, Saudi reclaim India\u2019s crude share amid sanctions"},"content":{"rendered":"

Good afternoon, friends.<\/strong> We are closing the week with updates from logistics, aviation, and data centers.<\/p>\n

**<\/strong>A QUICK PROGRAMMING NOTE<\/strong>- EnterpriseMENA<>India is taking a publication holiday on Monday and will be back in your inboxes on Wednesday afternoon. Until then, enjoy the weekend.<\/p>\n

The big story today:<\/strong> DP World is pushing inland into India with a rail-linked logistics hub in Madhya Pradesh. This hub will directly link central India to the Nhava Sheva Port in Maharashtra, where DP World already operates two terminals. The bet:<\/strong> to cut transit times by up to 40%.<\/p>\n

PLUS:<\/strong> Our exclusive report on how India\u2019s operational infrastructure is shaping up for the more than USD 50 bn in data center investment pledges.<\/p>\n

Meanwhile<\/strong>: Iraq and Saudi Arabia are reclaiming their fair share in India\u2019s crude basket as both state and private refiners cut Russian barrels in January.<\/p>\n

All of that and more, below.<\/p>\n

Watch this space <\/p>\n

<\/a> OIL WATCH \u2014 Iraq and Saudi Arabia are emerging as the primary beneficiaries from <\/strong>Gulf <\/strong>crude regaining ground in India\u2019s import basket<\/strong>, as Indian refiners recalibrate sourcing amid pressure from US sanctions, Economic Times<\/a> reports, citing Kpler data.<\/p>\n

By the numbers: <\/strong>In a renewed tilt towards long-term Middle East suppliers<\/a>, imports from Iraq rose 18% m-o-m to about 1.07 mn bpd in the first half of January, while shipments from Saudi Arabia jumped 36% to roughly 954k bpd. The shift is a windfall for Riyadh, with imports from the UAE falling 40% to about 352k bpd as spot prices for UAE Muruban soared<\/a> in recent weeks. <\/p>\n

The rebalancing comes as Reliance Industries <\/strong>reportedly<\/a><\/strong> halted Russian crude imports this month<\/strong>, prioritizing sanctions-compliant barrels to protect its high-margin fuel exports to Europe.<\/p>\n

Why it matters: <\/strong>As Saudi Arabia and Iraq reclaim some of their market share, the India-MENA energy corridor is adjusting lines around the fate of Russian barrels. For India\u2019s private refiners, Russian barrels are proving to be more trouble than they\u2019re worth, despite higher discounts, given the sanctions and regulatory risks.<\/p>\n

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<\/a> AVIATION<\/strong> \u2014 Tata Group-owned airline <\/strong>Air India<\/strong> is expecting an annual loss of at least INR 150 bn (USD 1.6 bn) for FY 2026 <\/strong>\u2014 a setback with implications for long-haul routes linking India with Europe and Middle East, Bloomberg<\/a> reports. The projected loss follows a June 2025 Boeing 787 Dreamliner<\/a> crash that killed more than 240 people and disrupted the airline\u2019s turnaround trajectory. <\/p>\n

What changed: <\/strong>The crash came as Air India was nearing operational breakeven and was followed by higher long-haul costs after Pakistan closed its airspace to Indian carriers last year, forcing longer routes to MENA and western cities. The airline has accumulated losses of about INR 322 bn over the past three years, Bloomberg adds citing data from market intelligence firm Tofler. The airline sought at least INR 100 bn in fresh funding<\/a> from its promoters last year. <\/p>\n

Corridor impact:<\/strong> Route diversions caused by Pakistan\u2019s airspace closure raise fuel and operating costs, adding pressure to its international network including on high-frequency India-GCC routes. The pressure echoes broader operational strains seen across India\u2019s aviation sector, as highlighted in our recent coverage<\/a> of disruption risks linked to crew rules and network concentration.<\/p>\n

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<\/a> TAX WATCH \u2014 A <\/strong>coalition<\/strong> of 60 Indian startups, including Meesho, Acko, and Swiggy, has urged New Delhi to shield legacy foreign investments from tax scrutiny <\/strong>after a Supreme Court ruling<\/a> reopened uncertainty around offshore structures, Reuters<\/a> reports. The court recently labeled New York-based investment firm Tiger Global\u2019s Mauritius-based entities as \u201cconduits\u201d for tax evasion linked to sale of stake in Flipkart to Walmart in 2018, effectively allowing domestic anti-avoidance laws to override international treaty benefits. <\/p>\n

Why it matters: <\/strong>The ruling has significant implications, particularly for the estimated USD 171 bn in FDI channeled through Mauritius to India over the past two decades \u2014 approximately 25% of India's total inflows. The decision introduces a retroactive tax risk for every major fund that utilized this route prior to 2017. For the India-MENA capital corridor, this could trigger a more assertive stance from the Indian tax authorities, potentially a shift in capital flows toward more transparent jurisdictions such as the UAE or the investor-friendly GIFT City in Gujarat.<\/p>\n

What\u2019s next?<\/strong> All eyes are on the Finance Ministry to see if it reaffirms the 2017commitment, when India explicitly assured that investments made before April 2017 would not face retrospective taxation under the amended India-Mauritius tax treaty. If the government stays silent or endorses the court\u2019s view that domestic anti-avoidance laws can override treaty benefits, it could lead global investors to question India\u2019s policy predictability. <\/p>\n

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Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

YOU\u2019RE READING EnterpriseAM MENA <> India, your C-suite briefing on the movement of trade, investment, people, and ideas along one of the world\u2019s most exciting corridors. Every Monday, Wednesday, and Friday at 2:30 pm UAE, we dive deep into the business, finance, economy, and policy headlines and trendlines that will move markets and set the tone for your day. <\/p>\n

Were you forwarded this briefing? <\/strong>Tap or click here to sign up without charge for your own<\/a>copy.<\/a> <\/p>\n

\n

Happening next week<\/p>\n

The EU-India FTA signing is expected next week.<\/strong> The<\/strong> mother of all agreements \u2014 <\/strong>as the European Commission President Ursula von der Leyen described<\/a> the India-EU freetrade agreements, stating that conversations are nearing a \u201cbreakthrough\u201d while addressing the World Economic Forum in Davos. Invited as the chief guest for India\u2019s Republic Day celebrations<\/a>, von der Leyen signalled a final-stage political push after years of stalled negotiations. She noted the agreement could create a combined market of roughly 2 bn people and nearly 25% of global GDP.<\/p>\n

Plus: <\/strong>India\u2019s Finance Minister Nirmala Sitharaman <\/strong>will present the national budget<\/a><\/strong> for FY 2026-27<\/strong> on Sunday, 1 February<\/strong>. A day prior to the budget, the ministry will publish the annual Economic Survey Report which serves as a \u201cstate of the union\u201d on all things macroeconomy in India. <\/p>\n

\n

The big story abroad<\/p>\n

Several big business stories are making the rounds in the foreign business press this morning: <\/strong><\/p>\n

#1- US President Donald Trump has <\/strong>sued JP Morgan Chase<\/a><\/strong> and its CEO Jamie Dimon<\/strong>, seeking at least USD 5 bn in damages after accusing them of closing his accounts unfairly for political reasons in 2021. While Trump claims the bank debanked him because \u201cthe political tide at the moment favored him doing so,\u201d the bank has so far dismissed the claims and said it only closes accounts when they pose regulatory or legal risks<\/a> for them. <\/p>\n

The move comes as just the latest in several feuds Trump has sought out with perceived political enemies.<\/strong> He has already sued Capital One for similar claims.<\/p>\n

#2- Venezuela\u2019s national assembly <\/strong>is backing a new law<\/a><\/strong> that opens up its hydrocarbons sector to the private sector<\/strong>, paving the way for foreign investments into the country\u2019s oil industry after the US' capture of Venezuela\u2019s President Nicol\u00e1s Maduro. <\/p>\n

#3- Trump said yesterday the US <\/strong>will gain total access<\/a><\/strong> to Greenland as part of a framework agreement with NATO<\/strong>, even as the country\u2019s leader and other EU allies say they remain in the dark on the details of the agreement. The agreement provided respite after EU-US ties were deteriorating on the US\u2019 threats of tariffs on EU countries who opposed his plan to take over Greenland. <\/p>\n

#4- The US has also <\/strong>officially launched<\/a><\/strong> his Board of Peace at Davos<\/strong>, despite some concerns and controversy, and on the same day announced plans for what he calls a \u201cNew Gaza\u201d,<\/a> which his son-in-law Jared Kushner presented as a master plan with data centers, residential developments, and industrial cities. <\/p>\n

\n

Market watch<\/p>\n

India\u2019s equity markets are witnessing their sharpest foreign exodus in six months<\/strong> as US trade volatility overrides bullish domestic sentiment.<\/p>\n

Foreign<\/strong> portfolio investors (FPIs) have pulled INR 322.5 bn (USD 3.96 bn) from Indian equities this month<\/strong>, sending the INR to a record low of 91.29 per USD, according to the National Securities Depository<\/a>. This marks the worst exit since August 2025, when single-month withdrawals hit INR 349.9 bn.<\/p>\n

Domestic cushion: <\/strong>While the foreign money is fleeing, domestic institutional investors have pumped<\/a> INR 419.8 bn (USD 5.06 bn) in equities to limit the slide.<\/p>\n

Why it matters:<\/strong> For global investors, the volatility in the Indian equities market is likely to continue amid downward pressure on the INR. The sell-off is in part triggered by US President Trump\u2019s tariff threats against European nations over Greenland. Geopolitical and trade uncertainties have dampened the appetite for riskier assets in favor of more stable US-based investments, analysts told Times of India<\/a>.<\/p>\n

Across the pond:<\/strong> Foreign investors ended 2025 as net buyers of UAE equities, even as flows turned choppier toward year-end, according to Kamco Invest\u2019s latest GCC Trading Activity report (pdf)<\/a>. Abu Dhabi emerged as one of the region\u2019s top foreign capital magnets, with USD 3.4 bn in net inflows into the ADX over the year, second only to Saudi Arabia at USD 5.5 bn. The DFM also closed the year in positive territory, attracting USD 1.3 bn of net foreign buying. <\/p>\n

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Circle your calendar<\/p>\n

Check out our full calendar on the web<\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n","protected":false},"excerpt":{"rendered":"

Plus: Air India flags USD 1.6 bn loss after crash 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