Politics
India turns to OPEC as Russian oil falls
2025-01-17T11:27:55+00:00
Shafaq News/ Russia's share of India's oil imports is expected to decline in 2025, following the imposition of draconian sanctions by Washington targeting Russian producers and tankers.
The measures, announced last Friday, have disrupted supplies from the world's second-largest oil producer to key markets like India and China, while reducing tanker availability.
The data revealed that India, the world's third largest importer and consumer of oil, recorded an oil import volume of 4.84 million barrels per day in 2024, an increase of 4.3% over the previous year. previous year.
The Organization of the Petroleum Exporting Countries (OPEC) share of India's crude imports in 2024 has increased to around 51.5%, from 49.6% in 2023, while Russia's share is remained stable at around 36%, according to the data.
Growing demand for Middle Eastern crude by Indian refiners comes as Russian supplies dwindle. The decline in Russian exports has prompted Asian refiners, particularly in India, to turn to barrels from the Middle East, said Priti Mehta, senior research analyst at consultancy Wood Mackenzie.
Notably, Reuters reported last month, citing refining industry sources, that Indian refiners had increased their purchases of Middle East oil since late 2024.
December data reflects this shift, with Middle East oil accounting for about 52% of India's crude imports, the highest in 22 months.
Despite the decline in overall Russian exports, Russia remained India's top oil supplier in December, followed by Iraq and Saudi Arabia.
Russia has maintained its position as the main supplier in recent years, buoyed by the appeal of discounted Russian crude following Western sanctions and price caps imposed on Moscow's oil exports.
Although OPEC's share of India's crude imports has rebounded slightly in 2024, it has faced a steady decline since 2016 as Indian refiners have diversified their sources to optimize costs. OPEC's market share in India had previously fallen from 64.5% in 2022 to almost 50% in 2023, as Russian oil grew in importance.
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