Indian oil import expected to reduce in 22 years due to Russian oil increase

As consumption of inexpensive Russian oil increases and industry demands more oil, OPEC’s proportion of India’s oil imports is expected to decline at the quickest rate in 2022–2023 to the lowest level in at least 22 years.
Data from several sources indicate that this year may see a further fall in the proportion of large producers.
India’s oil market share decreased from almost 72% in the fiscal year to March 2022 to 59% in the fiscal year to March 2023, which is mostly made up of OPEC members, primarily from the Middle East and Africa. According to data during 2001–2002 analysed by Reuters.
According to the statistics, for the first time, Russia surpassed Iraq to become India’s top oil supplier, demoting Saudi Arabia to third place.
OPEC’s market share decreased when Russia’s maritime oil, which was rejected by the nations following Moscow’s invasion of Ukraine in February 2022, moved to India, which had previously purchased little Russian oil due to high freight costs.
The research indicated that in 2022–2023, India will export around 1.6 million barrels per day (bpd) of Russian oil, or nearly 23% of its total 4.65 million bpd imports.
If OPEC+’s plan to restrict output in May continues throughout this year, India, the third-largest oil importer in the world, may have less OPEC oil in its supply. Russian stockpiles keep expanding.

The overuse of Russian oil drove down Middle Eastern and African nations’ shares to 22-year lows of 55% and 7.6% respectively, while driving up Commonwealth of Independent States (CIS) countries to a record 26.3%.
India’s leading oil supplier in 2022–2023 is Russia
The research indicated that in 2021/22, the Middle East had a stake of 64% and Africa had a share of 13.4%. In 2022–2023, Latin America’s share decreases to a 15.-year low of 4.9%.
As a result of state refiners turning to exports rather than selling the gasoline locally at below-market prices to fulfil increased local fuel demand, India’s oil imports are expected to increase by 9% from a year earlier in 2022/23. As seen by the statistics, runs were scored to finish.
Government statistics reveal that local refiners will collectively process 6% more oil in 2022–2023 at a rate of around 5.13 million bpd.
India imports oil from several places.
The statistics also show that India shipped about 5 million bpd of oil in March, a little increase from the previous month. About 36% of all imports were made up of Russian oil.
“Russia is also being helped by OPEC’s decision to cut production,” Huq said.
Some Russian shipments are already costing more than $60 per barrel, which is the cap set by the Group of Seven, the EU, and Australia to restrain Moscow’s earnings while providing merchants access to Western ships and insurance.

Source: AllNews Nigeria

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