Ahmedabad: OPEC’s share in India’s crude oil imports has increased in 2024. For the first time in nine years, the share of OPEC group in India’s oil imports has increased. Importantly, despite cheap imports in 2024, top supplier Russia’s share remains stable due to fears of US sanctions. Crucially, Russia’s share of oil demand in India, the world’s third-largest crude importer and consumer, is expected to decline in 2025, as Washington announced tough sanctions targeting Russian producers and tankers last Friday. .
India imported 4.84 million barrels of oil per day in 2024, up 4.3 percent from the previous year, the data showed. The share of Organization of Petroleum Exporting Countries in India’s crude oil imports has increased from 49.6 percent in 2023 to about 51.5 percent in 2024.
According to the data report, Russia’s share in the year 2024 has remained stable at around 36 percent. Indian refiners have increased purchases of Middle Eastern grades from late 2024.
The share of Middle Eastern oil in India’s crude imports rose to a 22-month high of nearly 52 percent in December, data showed. However, Russia remained India’s top oil supplier in December, followed by Iraq and Saudi Arabia.
Many countries, including India, were attracted to Russian oil after the West imposed price caps and avoided buying from Moscow, with refiners offering deep discounts and Russia becoming India’s top supplier in recent years. Due to this, OPEC’s market share in India has increased to about 50 percent in 2023, which was 64.5 percent in 2022. However, OPEC’s share has also been declining since 2016 as Indian refiners have started diversifying their purchases to cut costs.
