OPEC’s share of Indian oil imports fell in 2021 to the lowest in more than a decade despite a 4% rebound in annual crude purchases by the world’s third biggest oil importer. The surge of Covid cases does not seem to negatively affect the imports that are now expected to rise further – because of the high margin level of the refiners who had to cut crude oil processing for months as lockdowns hit gasoil and jet fuel consumption. India halted imports from Venezuela under pressure from U.S. sanctions and Middle Eastern oil accounted for about 62% of India’s overall imports, India has faced difficulties to import crude from Venezuela and Iran. Indian buyers have turned to the United States, Canada, Guyana and some small producers in Africa for supplies. Generally, OPEC’s share shrunk as refiners increased imports from Canada and the United States, at the expense of Africa and the Middle East.
OPEC's share of Indian oil imports fell in 2021 to the lowest in more than a decade despite a 4% rebound in annual crude purchases by the world's third biggest oil importer. The surge of Covid cases does not seem to negatively affect the imports that are now expected to rise further - because of the high margin level of the refiners who had to cut crude oil processing for months as lockdowns hit gasoil and jet fuel consumption. India halted imports from Venezuela under pressure from U.S. sanctions and Middle Eastern oil accounted for about 62% of India's overall imports, India has faced difficulties to import crude from Venezuela and Iran. Indian buyers have turned to the United States, Canada, Guyana and some small producers in Africa for supplies. Generally, OPEC's share shrunk as refiners increased imports from Canada and the United States, at the expense of Africa and the Middle East.
OPEC’s share of Indian oil imports falls to lowest in at least 15 yrs
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