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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๐Ÿ‘‰ OPEC’s share in India’s crude oil imports has decreased to an all-time low of 46% in April 2022.
๐Ÿ‘‰ India’s crude oil purchases from Russia are increasing, leading to a decrease in OPEC’s share.
๐Ÿ‘‰ OPEC accounted for 72% of India’s crude imports in April 2022, mainly from West Asia and Africa.
๐Ÿ‘‰ OPEC’s share in India’s imports is expected to decrease to 46% in April 2023.
๐Ÿ‘‰ Russia’s attack on Ukraine led to the availability of discounted Russian crude oil, increasing India’s imports from Russia.
๐Ÿ‘‰ Russia’s share in India’s total oil imports has been more than one-third (33%) for seven consecutive months.
๐Ÿ‘‰ Imports from Russia now exceed collective purchases from Iraq and Saudi Arabia, the largest oil suppliers to India in the last decade.
๐Ÿ‘‰ Russia’s share in India’s imports increased from less than 1% before the conflict to 36% in April 2022.
๐Ÿ‘‰ Indian refinery companies are buying Russian crude oil due to its discounted price.

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