OPEC Expects Increase in Its Share of India's Oil Imports

The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) indicated to Reuters that "the organization is expected to gain a larger share of India's oil imports over the coming decades due to the proximity of its supplies." This statement follows a recent decline in OPEC's dominance, attributed to competition from discounted Russian oil. OPEC's share of the oil that India imports fell from about 65 percent in 2022 to 50 percent last year, according to industry data, after New Delhi became the largest buyer of Russian crude oil transported by sea following Moscow's invasion of Ukraine.