Data shows India’s crude oil imports rose by 3.9% to 4.2 million barrels per day (bpd) in 2021, but remained below pre-pandemic levels in 2019.
see photosIraq remained India’s top supplier in 2021 after overtaking Saudi Arabia in 2017.
Despite a 4% drop in annual crude purchases by the world’s third-largest oil importer, OPEC’s share of Indian oil imports fell to its lowest in more than a decade in 2021, data from industry sources showed. walked.
Members of the Organization of the Petroleum Exporting Countries (OPEC), mainly from the Middle East and Africa, India’s share of the pie fell to 70% in 2021, from a peak of 87% in 2008, a Reuters analysis shows. Figures from 2007 to 2021 are shown.
Data shows India’s crude oil imports rose by 3.9% to 4.2 million barrels per day (bpd) in 2021, but remained below pre-pandemic levels in 2019.
Imports are expected to rise further this year as fuel demand improves, with the government resisting the lockdown despite a rise in COVID-19 cases, while refiners’ margins are expected to remain strong. Last year, refiners had to cut crude oil processing for a few months as the lockdown hit diesel and jet fuel consumption.
In December, imports rose to an 11-month high of 4.7 million bpd, about 5% higher than in November, but still down 7.8% from a year ago, the data showed.
OPEC’s share shrank as refiners increased imports from Canada and the United States at the expense of Africa and the Middle East
MK Surana, chairman of state-run Hindustan Petroleum Corp (HPCL), said, “Omicron is expected to spill over and refineries are expected to work at full capacity as better cracks and fuel demand will reduce Indian oil imports by about 5%. may increase.” ,
The data showed that OPEC’s share fell as refiners increased imports from Canada and the United States, at the expense of Africa and the Middle East.
As US sanctions have made it difficult for India to import crude from Venezuela and Iran, Indian buyers have turned to the United States, Canada, Guyana and some smaller producers in Africa for supplies.
Oil from the US and Canada accounted for a record 7.3% and 2.7% respectively in India’s imports, compared to 5.5% and 0.7% a year ago.
The share of Latin American oil fell to a 12-year low of 8.7%, data showed as India halted imports from Venezuela under pressure from US sanctions. The data shows that Middle Eastern oil accounts for about 62% of India’s total imports.
Iraq remained India’s top supplier in 2021 after overtaking Saudi Arabia in 2017.
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Iraqi supplies to India are expected to increase in 2022 as HPCL will lift 45% more crude for its expanded refining capacity.
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