OPEC's share of India's August crude oil imports at five month high

In August, the Organization of the Petroleum Exporting Countries (OPEC) saw its share in India's crude oil imports rise to a five-month high. 

This surge was attributed to Indian refiners reducing their purchases of Russian oil due to elevated prices and maintenance outages at some facilities, as indicated by tanker data from various sources.

India, ranking third globally in oil imports and consumption, relies on imports for over 80 per cent of its oil requirements. The data revealed a decline in India's imports of Russian oil to a seven-month low of 1.38 million barrels per day in August. 

This trend aligns with preliminary data from Kpler and the London Stock Exchange Group (LSEG).

Despite this decrease, Russia remained India's leading oil supplier for the month, followed closely by Iraq and Saudi Arabia. 

OPEC nations, chiefly from the Middle East and Africa, saw an increase in their market share in India, moving from roughly 46.5 per cent in July to about 52 per cent in August. 

This shift signals India's evolving energy partnerships and the impact of global oil prices on the nation's import strategy.