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OPEC’s share of India’s oil imports drops to record low

OPEC's share of India's oil imports

OPEC’s share of India’s oil imports fell to its lowest levels in a minimum of two decades, in the year to the end of March.

India’s total purchases of oil imports fell to their lowest level in six years.

Data related to the oil industry and trade showed that India’s total crude imports fell to 3.97 million barrels per day in the fiscal year ending on March 31, 2021, down by 11.8% from the previous year.

OPEC’s share of India’s oil imports

India bought more US and Canadian oil at the expense of Africa and the Middle East. Purchases from OPEC members were reduced to about 2.86 million barrels per day.

It also reduced the group’s share of imports to 72% from about 80% previously. This is the lowest share since at least the 2001/2002 fiscal year.

Refiners in India are diversifying their purchases to boost profit margins, and have developed their complexes to process cheaper and heavier ores.

Annual demand

The annual demand for fuel in the country decreased in 2020/2021 fiscal year for the first time in at least 23 years, according to government data released last month, and reached its lowest level since 2016/2017.

The data showed that the share of Middle Eastern producers rose to about 62% in 2020/2021 fiscal year from 60% in the previous year.

US and Canadian oil accounted for about 7% and 1.3%, respectively, of India’s imports, compared to 4.5% and 0.60% in the previous year.

The United States ranked fifth as India’s largest supplier, two places ahead compared to 2019/2020.

Iraq remained the largest supplier of oil to India, followed by Saudi Arabia and the United Arab Emirates. Nigeria has surpassed Venezuela as the fourth largest supplier.

Data showed that India imported 4.39 million barrels per day in March, up 12% from February, as refinery production grew.

Despite this, it is posting a decrease of about 0.5% from March 2020.

Six LNG carriers have been diverted from India since the twentieth of April and changed destinations to Northeast Asia, Europe and Kuwait instead.

Today, India recorded more than 300,000 cases of Coronavirus for the twelfth day in a row, which brings its total cases to nearly 20 million.

Keep reading: U.S. Oil Production Drops By Over One Million Barrels A Day In February

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