‘OPEC share slid as India’s oil imports shrank 11.8%’

Country bought more U.S. crude: trade

May 03, 2021 10:50 pm | Updated 10:50 pm IST - New Delhi

FILE PHOTO: The logo of the Organization of the Petroleum Exporting Countries (OPEC) on a flag at the oil producer group's headquarters in Vienna, Austria, December 7, 2018. REUTERS/Leonhard Foeger/File Photo

FILE PHOTO: The logo of the Organization of the Petroleum Exporting Countries (OPEC) on a flag at the oil producer group's headquarters in Vienna, Austria, December 7, 2018. REUTERS/Leonhard Foeger/File Photo

OPEC’s share of India’s oil imports 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 FY21, down 11.8% from a year earlier, data showed.

India bought more U.S. and Canadian oil at the expense of that from Africa and West Asia, reducing purchases from members of the Organization of the Petroleum Exporting Countries (OPEC) to about 2.86 million bpd and squeezing the group’s share of imports to 72% from about 80% previously. That is the lowest share since at least FY02, before which crude import data is not available.

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 U.S. emerged as the fifth-biggest supplier, up two places from FY20.

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