DelhiDesk India’s import of crude oil from the Organization of Petroleum Exporting Countries (OPEC) has declined to an all-time low of 46% in April 2022, as per industry statistics. The increase in India’s crude oil purchases from Russia has led to a decrease in OPEC’s share. OPEC accounted for 72% of India’s crude imports in April 2022, mainly from West Asia and Africa. However, after Russia’s attack on Ukraine last year, Russian crude oil became available at a discounted price, leading to a rapid increase in imports from Russia. Russia’s share in India’s imports has increased to 36% or 1.67 million barrels per day in April this year, while OPEC’s share has come down to 46%.
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Here is the news bullets sorted by DelhiBreakings.com team.
👉 OPEC’s share in India’s crude oil imports has decreased to an all-time low of 46% in April 2022.
👉 India’s crude oil purchases from Russia are increasing, leading to a decrease in OPEC’s share.
👉 OPEC accounted for 72% of India’s crude imports in April 2022, mainly from West Asia and Africa.
👉 OPEC’s share in India’s imports is expected to decrease to 46% in April 2023.
👉 Russia’s attack on Ukraine led to the availability of discounted Russian crude oil, increasing India’s imports from Russia.
👉 Russia’s share in India’s total oil imports has been more than one-third (33%) for seven consecutive months.
👉 Imports from Russia now exceed collective purchases from Iraq and Saudi Arabia, the largest oil suppliers to India in the last decade.
👉 Russia’s share in India’s imports increased from less than 1% before the conflict to 36% in April 2022.
👉 Indian refinery companies are buying Russian crude oil due to its discounted price.
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