News Formal

Soaring Russian Oil Imports Drag OPEC's Market Share in India to a Record Low

  • 📰 OilandEnergy
  • ⏱ Reading Time:
  • 23 sec. here
  • 9 min. at publisher
  • 📊 Quality Score:
  • News: 37%
  • Publisher: 68%

Russia News

Crude Oil,Imports,OPEC

Russia was India's largest supplier for a second consecutive fiscal year as OPEC lost market share in the country.

Russia was India’s single largest oil supplier for a second consecutive fiscal year, as surging imports of Russian crude dragged down the share of OPEC and Middle East supply to India to a record low, Reuters reported on Friday, citing data from tanker-tracking data obtained from industry sources.

For the first time ever, India – which depends on imports for around 87% of its oil consumption – imported roughly equal volumes of OPEC and non-OPEC crude, thanks to the 57% annual surge in imports from non-OPEC producer Russia. Higher prices of Saudi crude and lower Kuwaiti supply as Kuwait limited exports of some grades to direct them to a new refinery also contributed to the low share of the OPEC and Middle Eastern crude of India’s imports.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 34. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

OPEC Oil Industry Needs $11.1 Trillion in Upstream Investment by 2045According to OPEC Secretary General Haitham Al Ghais, the oil industry will need $11.1 trillion in upstream investment by 2045.
Source: OilandEnergy - 🏆 34. / 68 Read more »