Russian Oil Imports Cut OPEC's Share Of Indian Market To 22-Year Low

Members of OPEC, mainly from the Middle East and Africa, saw their share of India's oil market slide to 59% in the fiscal year to March 2023, from about 72% in 2021/22.

OPEC's (Organization of the Petroleum Exporting Countries) share of India's oil imports fell at the fastest pace in 2022/23 to the lowest in at least 22 years, as intake of cheaper Russian oil surged, data obtained from industry sources show, and the major producers' share could shrink further this year.

Members of OPEC, mainly from the Middle East and Africa, saw their share of India's oil market slide to 59% in the fiscal year to March 2023, from about 72% in 2021/22, a Reuters analysis of the data that dates back to 2001/02 showed.

Russia overtook Iraq for the first time to emerge as the top oil supplier to India, pushing Saudi Arabia down to No. 3 in the last fiscal year, the data showed.

OPEC's share shrank as India, which in the past rarely bought Russian oil due to high freight costs, is now the top oil client for Russian seaborne oil, rejected by Western nations following Moscow's invasion of Ukraine in February 2022. (Graphic: Opec's share of India's oil imports drop to record low, https://www.reuters.com/graphics/INDIA-OIL/jnpwybeogpw/Pasted image 1682075448316.png)