Oil producers cartel OPEC's share in India's oil imports fell to an all-time low of 46 per cent in April as purchases of cheaper Russian oil peaked, industry data showed.
Organisation of the Petroleum Exporting Countries (OPEC) nations, mainly in the Middle East and Africa, had a 72 per cent share of all crude oil India imported in April 2022.
This share slid to 46 per cent in April 2023, according to energy cargo tracker Vortexa.
OPEC made up for as much as 90 per cent of all crude oil India imported at one point of time but this has been sliding since Russian oil became available at discount in the aftermath of Moscow's invasion of Ukraine in February last year.
Russia continued to be the single largest supplier of crude oil, which is converted into petrol and diesel at refineries, for a seventh straight month by supplying more than one-third of all oil India imported.
The imports from Russia are now more than combined purchases from Iraq and Saudi Arabia - India's biggest suppliers in the last decade.
This story is from the May 08, 2023 edition of Millennium Post Delhi.
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This story is from the May 08, 2023 edition of Millennium Post Delhi.
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