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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.
OIL
OPEC members, mainly from the Middle East and Africa, saw their share of India's oil market slide to 59% in the fiscal year to March 2023, from about 72% in 2021/22, according to Reuters calculations as the country turned to cheap Russian barrels.
- India imported about 1.6 million bpd of Russian oil in 2022/23, about 23% of its overall 4.65 million bpd imports.
- The decision by OPEC and their allies, a group known as OPEC+ to cut production in May could further squeeze OPEC's share in India.
- India's oil imports in 2022/23 rose 9% from a year earlier. State refiners increased their runs to meet rising local fuel demand after private refiners turned to exports instead of selling fuel at below-market rates domestically.
- India imported nearly 5 million bpd of oil in March, marginally higher than the previous month, with Russian oil accounting for about 36% of overall imports.
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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