OPEC's share of India's oil imports between April and September fell to a record low as the country continued to buy up Russian crude.
OPEC had a record-low share of India’s oil imports between April and September, as the world’s third-largest crude importer more than doubled purchases of Russian crude, according to industry and trade data compiled by Reuters. Between April and September, the first half of India’s 2023/2024 fiscal year, Indian imports of Russian crude oil more than doubled to 1.76 million barrels per day bpd from 780,000 bpd in the same period of the 2022/2023 year, per vessel-tracking data cited by Reuters.
In the April-September period of 2022, OPEC’s share of Indian oil imports was 63%. Indian refiners have significantly ramped up imports from Russia while reducing purchases from Saudi Arabia, the world’s top crude oil exporter and Russia’s key partner in the OPEC pact. After lower imports of Russian crude in July and August compared to the prior months, India’s imports of oil from Russia rebounded in September.
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