Opec share in oil imports falls to 46% from 72% in last April

NEW DELHI: Opec’s share in India’s oil imports fell to 46% in April 2023 from 72% in the year-ago period as refiners increased the number of discounted Russian shipments, underlining the shift in global energy flow triggered by Moscow’s invasion of Ukraine in February 2022.
India’s Russian oil imports are more than the combined shipments from Iraq and Saudi Arabia, the largest suppliers in the last decade when Opec accounted for 90% of total crude bought by refiners. Russian oil’s share spiked from less than 1% before the Ukraine conflict, as refiners lapped up heavily discounted barrels shunnedby the West in retaliation to Moscow’s military move.
According to shipping market trackers, Russia has remained India’s largest oil supplier for seventh straight month in April. Russian oil’s share in India’s imports rose to 36% at 1. 6 million barrels/ day, while Opec accounted for 2. 1 million barrels/day out of 4. 6 million barrels/ day imported in April.
Agency reports quoting shipping data said oil imports from Russia in March were double of 0. 81 million barrels/day bought from Iraq, which had been India's top supplier since 2017-18. Saudi Arabia slid to the third position with 0. 67 million barrels/day. Sequentially, imports from Russia in April were marginally higher than March shipments. The UAE, which in March overtook the US to become the fourth largest supplier, sold 185,000 barrels/day.