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India's Oil Market Shifts: OPEC Falls to 48.5%

4/22/2025

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Summary

Story summary

OPEC's grip on India's oil market has slipped, dropping to a historic low of 48.5% in the 2024-2025 fiscal year. Meanwhile, Russian crude imports surged by 7.3%, solidifying Russia as India's top supplier with a commanding 36% market share. Indian buyers are swayed by high Saudi prices, opting for more affordable Russian oil.

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Story summary

OPEC's grip on India's oil market has slipped, dropping to a historic low of 48.5% in the 2024-2025 fiscal year. Meanwhile, Russian crude imports surged by 7.3%, solidifying Russia as India's top supplier with a commanding 36% market share. Indian buyers are swayed by high Saudi prices, opting for more affordable Russian oil.