SHANGHAI, Apr 24 (SMM) – OPEC's share of India's oil imports fell at the fastest pace in 2022-2023 to the lowest level in at least 22 years as imports of cheap Russian oil surged, industry data shows.
The share of major producers is likely to fall further this year, data from industry showed. An analysis data shows that OPEC members, mainly from the Middle East and Africa, have dropped to 59% of India's oil market by March 2023, down from 72% in 2021-2022 fiscal year.
In the last fiscal year, Russia overtook Iraq as India's top oil supplier for the first time, pushing Saudi Arabia to the third place, data showed. OPEC's share fell as India, which in the past rarely bought Russian oil due to high freight rates, is now the largest oil customer for seaborne Russian oil.
Russian oil was rejected by the West after the conflict broke out in February 2022.
