NEW DELHI: India’s oil imports from OPEC dropped to 46% N April from 72% in a year ago as refiners increased the number of discounted Russian shipments, underlining the shift in global energy flow triggered by Moscow’s invasion of in February 2022.
India’s Russian oil imports are more than the shipments from Iraq and Saudi Arabia, the largest suppliers in the last decade when OPEC accounted for 90% of total crude bought by refiners.
Russian oil’s share spiked from less than 1% fore the Ukraine conflict, as refiners lapped up heavily discounted barrels shunned by the West in retaliation to Moscow’s military move.
