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OPEC Share of Crude Imports to India Fell to 46% in April

OIL

India's imports from OPEC fell to an all-time low of 46% in April at 2.1mbpd as purchases of cheaper Russian oil peaked according to Vortexa.

  • OPEC once had a 90% share of all crude oil imported by India and was at 72% in April 2022 before falling further as the imports of discounted Russia barrels increased.
  • Russia was the largest supplier of crude oil for a seventh straight month by supplying 36% of all oil India imported.
  • Imports from Russia rose from 1.64mbpd in March to 1.67mbpd and are now more than the combined purchases from Iraq and Saudi Arabia.
  • "India's imports of Russian crude in April have set a new record once again, but the month-on-month increase has slowed and could possibly be peaking this month," said Serena Huang at Vortexa. Increased competition for Urals from China will likely put a lid on upsides to India's imports of Russian crude.
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