Russian oil takes over Indian market
India is buying up large amounts of discounted Russian oil, while OPEC members saw their share of India's oil market slip to 59% last year,  Business Insider writes.
Russian oil takes over Indian market
The Economics of Geography

Russian oil takes over Indian market

Guwahati Refinery (Photo: AFP/Biju Boro)
Eurasia 25/04/2023 07:00

India is buying up large amounts of discounted Russian oil, while OPEC members saw their share of India's oil market slip to 59% last year,  Business Insider writes.

Referring to data compiled by Reuters, the news site writes that imports from OPEC nations sank to their lowest level in 22 years. Russia overtook Iraq for the first time as India's top oil supplier, and also pushed Saudi Arabia to the number three spot, it says.

India brought in about 1.6 million barrels a day of Russian crude, accounting for 23% of its 4.65 million barrels per day, according to the article.

China and India account for about 90% of Russia's oil trade. Sources told Reuters that as OPEC+ countries push forward with planned production cuts, there's a chance that elevated levels of Russian oil on the market will spread throughout Asia. 

Source: AFP/Anadolu Agency/Muhammed Ali Yigit

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