OPEC expects its share of Indian oil imports to rise again

Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) told Reuters that the organization is expected to gain a larger share of India’s oil imports in the coming decades due to the proximity of its supplies.

According to Reuters, this came after OPEC’s dominance had diminished recently due to competition from Russian oil at reduced prices.

OPEC’s share of the oil imported by India declined from about 65% in 2022 to 50% last year, according to data from the sector, after New Delhi became the largest buyer of seaborne Russian crude in the wake of Moscow’s invasion of Ukraine.