OPEC’s share in India’s oil imports decreased

New Delhi New Delhi: India’s share of OPEC oil fell to a record low in the financial year 2024-25 as refiners relied on cheap Russian oil. Russia, which remained India’s biggest oil supplier for the third year in a row, has taken away the market from important OPEC producers.

India imported an average of 4.88 million barrels per day (bpd) of oil, up 5% from the previous year. Oil imports from Russia increased by 7.3%, and its share reached 36%. At the same time, OPEC’s share fell to 48.5%.

Cheap oil from Russia has become attractive to India after sanctions imposed on Russia by Western countries. In addition, imports from Iraq and Saudi Arabia have declined, whose high official prices have become less attractive to India’s refiners.

Russia has now become India’s top oil supplier, while declining imports from the Middle East have reduced OPEC’s share in India’s total oil imports.