NEW DELH : Organization of the Petroleum Exporting Countries's (OPEC) share of India's oil imports declined at the fastest pace in 2022/23 to the lowest in at least over two decades , as intake of cheaper Russian oil surged, data obtained from industry sources show, and  with this the OPEC's share could shrink further this year.

Members of OPEC, mainly from the Middle East and Africa, witnessed their share of India's oil market slide to 59 percent in the fiscal year to March 2023, from about 72 percent  in 2021/22, a Reuters analysis of the data that dates back to 2001/02 indicated.

As per data, in the last fiscal year, Russia moved ahead of Iraq for the first time to become India's top oil supplier, knocking Saudi Arabia down to third place.

OPEC's share declined as India, which in the past rarely bought Russian oil due to high freight expenditures, is now the top oil client for Russian seaborne oil, ruled out by Western nations following Moscow's invasion of Ukraine in February 2022 

According to the data, India imported 4.65 million barrels per day (bpd) of oil altogether in 2022–2023, or around 23% of that total. The decision by OPEC and its allies, collectively known as OPEC, to reduce output in May may have a negative impact on OPEC's market share in India, the third-largest oil importer in the world, later this year if Russian supplies remain high.

Ehsan Ul Haq, a Refinitiv analyst, stated that "Russian crude is already less expensive than the comparable Middle Eastern grades and it seems OPEC is harming itself by a reduction in output."
It will decrease its market share in Asia even further. As a result of increased consumption of Russian oil, the share of Commonwealth of Independent States (C.I.S.) countries increased to a record 26.3%, while that of Middle Eastern and African countries fell to 22-year lows of 55% and 7.6%, respectively.

The research showed that in 2021/22, the Middle East had a stake of 64% and Africa had a share of 13.4%. In 2022–2023, Latin America's share fell to a 15.-year low of 4.9%.

The report showed that India's oil imports increased by 9% over the previous year as state refiners ramped up production to satisfy the growing domestic demand for gasoline after private refiners decided to export their product rather than selling it locally at below-market prices.

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