New Delhi: OPECThe share of India’s oil imports for the 2021-22 fiscal year remained nearly flat year-on-year, seeing a sharp decline over the past six years, as refiners moved short-haul crude from the Middle East to counter rising global prices. broke.
Total raw import The world’s third-largest oil importer and consumer rose 7.2% annually to 4.26 million barrels per day (bpd) as of March 31, ship-tracking data from industry sources showed.
The share provided by members of the Organization of the Petroleum Exporting Countries (OPEC) – mainly from the Middle East and Africa – stood at 71.6% in 2021/22, compared to 71.9% in 2020/21, the data showed.
OPEC oil accounted for about 88% of India’s crude oil imports in 2007-08.
Ehsan-ul-Haq, Refinitiv analyst, said, “OPEC is increasing its output by about 250,000 bpd almost every month, and India is a close market for it. At the same time, Indian refiners have been increasing crude oil to meet the growing demand for the fuel. processed.”
OPEC’s share of India’s total imports may decline over the next few months as refiners in Asia’s third-largest economy buy cheaper Russian oil that some Western countries and companies have given up after Russia’s invasion of Ukraine.
The share of Russian oil in India’s crude oil imports was less than 1% in 2021-22.
Haq said the uptick in global oil prices since November prompted Indian refiners to take “full volumes or perhaps more than committed quantities” in their annual contracts with Middle East producers.
Indian refiners’ intake of medium to heavy grade oil, mainly from the Middle East, boosted domestic fuel demand due to the easing of the country’s Covid-19 lockdown.
“Margins for diesel have been bright and heavy grades from the Middle East are full of diesel,” Haq said.
India’s fuel demand grew by 4.3% in the last fiscal for the biggest increase in four years.
The share of Middle East oil in India’s imports increased to 64% in 2021-22 from 62% in the previous year, while Latin America and Africa declined.
Total raw import The world’s third-largest oil importer and consumer rose 7.2% annually to 4.26 million barrels per day (bpd) as of March 31, ship-tracking data from industry sources showed.
The share provided by members of the Organization of the Petroleum Exporting Countries (OPEC) – mainly from the Middle East and Africa – stood at 71.6% in 2021/22, compared to 71.9% in 2020/21, the data showed.
OPEC oil accounted for about 88% of India’s crude oil imports in 2007-08.
Ehsan-ul-Haq, Refinitiv analyst, said, “OPEC is increasing its output by about 250,000 bpd almost every month, and India is a close market for it. At the same time, Indian refiners have been increasing crude oil to meet the growing demand for the fuel. processed.”
OPEC’s share of India’s total imports may decline over the next few months as refiners in Asia’s third-largest economy buy cheaper Russian oil that some Western countries and companies have given up after Russia’s invasion of Ukraine.
The share of Russian oil in India’s crude oil imports was less than 1% in 2021-22.
Haq said the uptick in global oil prices since November prompted Indian refiners to take “full volumes or perhaps more than committed quantities” in their annual contracts with Middle East producers.
Indian refiners’ intake of medium to heavy grade oil, mainly from the Middle East, boosted domestic fuel demand due to the easing of the country’s Covid-19 lockdown.
“Margins for diesel have been bright and heavy grades from the Middle East are full of diesel,” Haq said.
India’s fuel demand grew by 4.3% in the last fiscal for the biggest increase in four years.
The share of Middle East oil in India’s imports increased to 64% in 2021-22 from 62% in the previous year, while Latin America and Africa declined.