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OIL
OPEC’s annual share of India’s oil imports fell to its lowest level ever in 2023, according to Reuters, as the country took more cargoes from Russia.
- India is the third’s largest importer and consumer of oil and has long relied on the Middle East to meet demand.
- India imported an average of 4.65m b/d in 2023, up 2% on the year. However, OPEC’s share of India’s crude fell to 49.6%, compared to 64.5% in 2022.
- Imports of Russian oil made up 36% of India’s total at 1.66m b/d. This compares to 0.651m b/d in 2022.
- Cheaper barrels and shunning of its oil by western nations helped push flows to India.
- However, December’s imports of Russian oil fell to a yearly low due to tightening of enforcement around the G7 price cap. This diverted some cargoes, Reuters said.
- Russia is a member of the OPEC+ coalition, but not of OPEC.
Source: Reuters
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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