OPEC is set to win a bigger share of India’s oil imports in coming decades due to the proximity of its supplies, the producer group’s head told Reuters, after its dominance was recently eroded by competition from discounted Russian oil.
The share of oil from the Organization of the Petroleum Exporting Countries (OPEC) imported by India declined from about 65% in 2022 to 50% last year, according to industry data, after New Delhi became the biggest buyer of seaborne Russian crude in the aftermath of Moscow’s invasion of Ukraine.
