You are here: Home » International » News » Markets
Business Standard

OPEC's share of Indian oil imports plunges to two decade low, shows data

Total crude imports by the world's third-biggest oil importer fell to 3.97 million barrels per day (bpd) in the 2021 fiscal year to March 31, down 11.8% from a year earlier

Topics
Oil imports | OPEC | OPEC output

Reuters  |  NEW DELHI 

fuel, prices, petrol, diesel, dealer, oil, crude

OPEC's share of India's fell to the lowest in at least two decades in the year to the end of March as overall purchases by Asia's third largest economy fell to a six-year low, data obtained from industry and trade sources showed.

Total crude imports by the world's third-biggest oil importer fell to 3.97 million barrels per day (bpd) in the 2021 fiscal year to March 31, down 11.8% from a year earlier, the data showed.

India bought more U.S. and Canadian oil at the expense of that from Africa and the Middle East, reducing purchases from members of the Organization of the Petroleum Exporting Countries to around 2.86 million barrels per day and squeezing the group's share of imports to 72% from around 80% previously.

That is the lowest share since at least the 2001/02 fiscal year, before which crude import data is not available.

India's refiners are diversifying purchases to boost margins, having upgraded plants to process cheaper tougher crude grades, but refinery runs were hit as the pandemic curbed fuel consumption.

The country's annual fuel demand in 2020/21 fell for the for the first time in at least 23 years, according to government data released last month, hitting its lowest since 2016/2017.

The share of Middle East producers rose to about 62% in the 2020/21 year from 60% in the previous year as refiners took committed volumes under annual oil contracts, the data showed.

U.S. and Canadian oil accounted for about 7% and 1.3% respectively of India's imports compared to 4.5% and 0.60% a year earlier.

The United States emerged as the fifth biggest supplier to India, up two places from the 2019/20 year.

Iraq remained India's top oil supplier followed by Saudi Arabia and the United Arab Emirates. Nigeria replaced Venezuela as the fourth biggest supplier.

In March, India imported 4.39 million bpd, 12% more than in February as refineries ramped up output, the data showed. However that was still a drop of around 0.5% from March 2020.

Iraq was the top supplier for the month, followed by Saudi Arabia, which pushed the U.S into fourth place behind the United Arab Emirates.

 

(Reporting by Nidhi Verma; Editing by Kirsten Donovan)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, May 03 2021. 14:46 IST
RECOMMENDED FOR YOU
.