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India’s imports from OPEC at all-time low as Russian oil buy peaks
India’s oil imports from oil producers cartel OPEC’s share fell to an all-time low of 46% in April as purchases of cheaper Russian oil peaked, recently released industry data has shown. The Organization of the Petroleum Exporting Countries(OPEC) nations, mainly in the Middle East and Africa, had a 72% share of all crude oil India imported in April 2022.
This share fell to 46% in April 2023, according to energy cargo tracker Vortexa. OPEC made up for as much as 90% of all crude oil India imported at one point of time but this has been sliding since Russian oil became available at discount in the aftermath of Moscow’s invasion of Ukraine in February last year.
OPEC supplied 2.1 million barrels per day out of 4.6 million bpd oil India imported in April. This gave it a 46% share, according to Vortexa.
Russia continued to be the single largest supplier of crude oil, which is converted into petrol and diesel at refineries, for a seventh straight month by supplying more than one-third of all oil India imported.
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