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.
