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Russia to Use Dubai Benchmark in Indian Oil Deal

An oil tanker moored in the Russian Sheschares complex (AP)
An oil tanker moored in the Russian Sheschares complex (AP)
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Russia to Use Dubai Benchmark in Indian Oil Deal

An oil tanker moored in the Russian Sheschares complex (AP)
An oil tanker moored in the Russian Sheschares complex (AP)

Russia's largest oil producer Rosneft and India's top refiner Indian Oil Corp agreed to use the Dubai oil price benchmark in their latest deal to deliver Russian oil to India, three sources familiar with the matter said.

The decision by the two state-controlled companies to abandon the Europe-dominated Brent benchmark is part of a shift of Russia's oil sales towards Asia after Europe shunned Russian oil following Russia's invasion of Ukraine more than a year ago.

The two benchmarks are dollar-denominated and set by S&P Platts for energy data. European oil majors and traders mainly use a unit of US-based S&P Global, but Brent, whereas Dubai is heavily influenced by Asian and Middle Eastern oil trading.

Rosneft's CEO, Igor Sechin, said in February that the price of Russian oil would be determined outside of Europe as Asia has emerged as the largest buyer of Russian crude since the West imposed progressively tighter sanctions on the export.

Under the new deal, announced on March 29, Rosneft will nearly double oil sales to Indian Oil Corp, two sources told Reuters.

Russian Deputy Prime Minister Alexander Novak said Tuesday that Russian oil sales to India jumped 22-fold last year, but he did not specify the volume sold.

The two sources said Rosneft would sell up to 1.5 million tons (11 million barrels) each month, including some optional quantities, to IOC in the new fiscal year from April 1.

The larger volumes and change in Russian oil pricing highlight closer ties between Moscow and India, which has now become the largest buyer of seaborne crude from Russia.

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Saudi Vision Drives Localization, Reduces Unemployment to 7%

A glimpse of a recent job fair held in Saudi Arabia (Asharq Al-Awsat)
A glimpse of a recent job fair held in Saudi Arabia (Asharq Al-Awsat)
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Saudi Vision Drives Localization, Reduces Unemployment to 7%

A glimpse of a recent job fair held in Saudi Arabia (Asharq Al-Awsat)
A glimpse of a recent job fair held in Saudi Arabia (Asharq Al-Awsat)

Since the launch of Saudi Arabia's Vision 2030 in 2016, the Kingdom has focused on a clear goal: building a diversified and sustainable economy, reducing its dependence on oil, and investing in the potential of its citizens.

Nearly nine years of continuous effort later, the results today reflect a new reality, showcasing the success of Vision 2030 in transforming ambitions into tangible achievements, particularly in the labor market and the empowerment of national talent.

Saudi Arabia's unemployment rate for nationals has dropped to its lowest level, registering 7% in 2024, achieving the Vision 2030 target ahead of schedule. This marks a significant achievement, considering that tackling unemployment was one of the strategic document's top priorities.

The sharp decline is largely attributed to a substantial rise in Saudi women's participation in the labor market, which reached 36%, driven by a series of social and economic reforms. These initiatives have reshaped the role of women in development, opening vast opportunities in education, the workforce, and leadership positions.

Vision 2030 initially aimed to raise women's labor force participation to 30% by 2030. With this target already surpassed a decade early, the goal has now been revised to 40% by 2030, reflecting the effectiveness of national policies in enhancing workforce localization and leveraging Saudi talent.

Historically, Saudi Arabia's labor market has been heavily reliant on the public sector. However, Vision 2030 has driven a shift toward the private sector, with the number of Saudi nationals employed there rising from 1.7 million in 2020 to over 2.4 million in 2024.

In 2024 alone, 437,000 citizens were hired in the private sector, supported by more than 7.5 billion riyals ($1.9 billion) from the Human Resources Development Fund for training, qualification, and career guidance programs. This reflects the government's commitment to preparing a generation capable of adapting to the demands of the evolving job market.

These figures are not only significant in statistical terms, but also serve as a clear indicator of the fundamental transformation driven by Vision 2030 in the national economy. The vision has made empowerment, diversity, and sustainability key pillars in Saudi Arabia's path toward the future.