Cheap Russian oil cuts OPEC’s share of India imports to record-low 50%

The annual share of OPEC's oil in India's crude imports fell to its lowest level ever in 2023 while that of discounted Russian barrels surged to an all-time high, data obtained from trade and industry sources show. India, the world's third-biggest oil importer and consumer, has long relied on the nearby middle eastern nations for meeting most of its oil needs to cut freight costs. Last year for the first time India imported nearly equal quantities of oil from the Organisation of Petroleum Exporting Countries (OPEC) members as it did from non-members, the data shows.