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

📆 4/19/2024 6:32 AM
📰 OilandEnergy

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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.

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