OPEC's oil share declines as crude oil imports from Russia rise

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- Beneficial to the country's refineries due to lower price of oil

Mumbai: In 2022, Russia was India's third largest supplier of crude oil. According to the figures provided by the industry circles, 15 percent of India's total crude oil purchase was Russian oil.

OPEC's share of crude oil supplies to India fell last year to its lowest level in more than a decade due to increased purchases from Russia. OPEC's share decreased to 64.50 percent which was as high as 87 percent in 2008. India is the third largest consumer and importer of oil in the world. Western sanctions imposed on Russia following the invasion of Ukraine in February last year have forced Russia to sell its crude oil at a discount, which Indian oil refineries are taking advantage of. Russia was ranked 17th among oil suppliers.

India's crude oil imports from Russia rose to 12.5 million barrels per day in December, which was 25 percent of India's import of 4.9 million barrels.

Imports from Russia hit an all-time high in December.

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