OPEC regains share in India’s oil market: Report

Logo of OPEC

India’s imports of Russian oil fell in December to their lowest level in two years, amid pressure from Western sanctions that pushed Indian refiners to seek alternative supplies, lifting OPEC's share of imports to an 11-month high.

India’s imports of Russian crude declined by around 22% month-on-month to 1.38 million barrels per day in December, according to data compiled by Reuters from trade sources.

As a result, Russia’s share of India’s total oil imports dropped to its lowest level since January 2023, at 27.4%. In contrast, OPEC's share rose to 53.2%.

Despite this decline, Russia remained India’s largest oil supplier in December and during the first nine months of the fiscal year ending on March 31.