India's crude oil import pattern changes: OPEC share hits record low Russian discount oil tops largest supplier

According to trade and industry data, the share of OPEC crude oil in India's crude oil imports fell to an all-time low in 2023, while the share of discounted Russian crude oil imports soared to an all-time high.

As the world's third largest oil importer and consumer, India has long been highly dependent on its Middle Eastern neighbors for oil to reduce transportation costs. Data show that for the first time in 2023, India's crude oil imports from OPEC members and non-members were basically the same; the annual crude oil imports reached an average of 4.65 million barrels per day, an increase of 2% year-on-year. In the first nine months of this fiscal year (from April), OPEC's share of India's crude oil import structure fell sharply to about 49.6 percent from 64.5 percent in the same period last year.

The restructuring of trade flows triggered by geopolitical tensions, coupled with rising transport costs for some traditional suppliers, has accelerated India's efforts to diversify its sources of imports, with India beginning to purchase low-cost crude oil from further afield, such as Russia. According to the data, Russian crude oil accounted for 36% of India's total crude oil purchases in 2023, with imports reaching 1.66 million barrels per day, while India's Russian crude oil imports in 2022 were only 651800 barrels per day. The influx of discounted Russian crude has also compressed India's Middle East crude imports to record lows.

Influenced by the boycott of Russian crude oil purchases by Western countries due to the Russian-Ukrainian conflict, the cost of Russian crude oil purchases from India has been significantly reduced. However, as the United States tightened relevant rules (including strengthening the review of banks and service providers to ensure that goods do not exceed the price ceiling of US $60 per barrel), some goods have shifted, and India's Russian crude oil imports in December fell to the lowest level in a year. The average daily import volume in that month was 1.34 million barrels, down about 16.3 percent from November.

Indian Oil Minister Hardeep Singh Puri said the core reason for the shift in cargo flows was pricing. In 2023, Russia officially replaced Iraq as India's largest oil supplier; Iraq retreated to second place, and Saudi Arabia slipped to third place.

Wacker Chemical Plus Code India Layout Panagar Silicon Emulsion New Factory Launched to Energize Beauty Market

Quick inquiry

Create

Inquiry Sent

We will contact you soon

Manage Cookie Consent

India's crude oil import pattern changes: OPEC share hits record low Russian discount oil tops largest supplier

Wacker Chemical Plus Code India Layout Panagar Silicon Emulsion New Factory Launched to Energize Beauty Market

India's anti-dumping announcement on China and Thailand's polyether polyols is rewritten.

World's Largest Coal-to-Ethylene Glycol Project Starts: 2.4 million Tons of New Capacity Locked in 2028, Ethylene Glycol Supply Pattern Deeply Reshaped Countdown

Yu energy chemical 150000 tons of kettle method EVA project officially started: directly hit the photovoltaic-grade import substitution core pain point, the northwest high-end production capacity pattern changed.

What is China's chemical industry chain bearing in this war? Or will it accelerate the structural transformation of China's chemical industry?

Phenol stabilizes after sharp rise and fall, geo-disturbance remains core variable

In-depth scanning of the performance of the seven major sectors of China's chemical industry: scarce resources and technical barriers are the real moat through the cycle.

Vietnam approves 2021-2030 ICT infrastructure plan

Micron's Gujarat plant in India is steadily advancing, and India is accelerating the layout of the global semiconductor industry chain.

Shandong Zhemei 80000 Tons of Optical Grade PMMA in One Drive

Indonesia's February 2026 ICP crude oil prices surge month-on-month, with multiple global factors driving oil prices higher

Saudi Aramco announces preparations for restarting the Rastanula refinery after it was shut down by Iranian drone strikes

With a total investment of 6.1 billion yuan, Zhongtian Hechuang's new project will be held, including acetic acid and vinyl acetate plants.

Turkey's exports were solid in February, with exports to Germany hitting a record high in February, with significant growth in automotive and other categories.

Turkey has completely abolished urea import tariffs, reshaping the regional fertilizer trade pattern and easing the pressure on spring farming supply.

The situation in the Middle East affects energy policy, Thailand adjusts oil export restrictions, and Laos strengthens fuel market supervision.

Lanzhou Petrochemical 23.17 billion Ethylene Transformation Project Pre-feasibility Study Passed: 1.2 million Tons of Cracking System Shaped, Western Chemical Pattern Reshaped

Ningxia 100000 tons of PVA project officially started: Northwest calcium carbide method low-cost advantage into the bureau, the regional supply pattern changed during the year.

The successful power reception of the dual substations of the PUSRI-IIIB project in Jugang, Indonesia, undertaken by the China Chemical Fifth Ring Project, helped the project to advance.

India plans to restart emergency directive to secure summer power supply as U. S.-Iran conflict causes seaborne coal prices to climb

South Korea's major petrochemical companies expand operating losses to 1.5 trillion won in 2025, industry restructuring still needs long-term progress

India's crude oil import pattern changes: OPEC share hits record low Russian discount oil tops largest supplier

Wacker Chemical Plus Code India Layout Panagar Silicon Emulsion New Factory Launched to Energize Beauty Market

Coal to Olefins and Oil to Olefins: Cost Competitiveness Analysis and Market Implications

South Korea's Lishui No.1 Project Landing Petrochemical Industry Integration Speeds Up Capacity

Turkey opens a new model for container scrap imports to reshape the global scrap trade pattern

Can the frequency of negative electricity prices bring a new model of cost reduction to chemical production?

India Multidimensionally Promoting Diversification of Energy Imports to Deal with the Situation in West Asia and Shipping Risks in the Strait of Hormuz

South Korea adds naphtha to key commodity list with multiple initiatives to address Middle East supply disruption risk

India to restart Tata Power Mundra coal power project to cope with summer power peak

China has become the world's largest MMA producer: rapid expansion of production capacity superimposed on geo-shocks, supply and demand patterns are being deeply reshaped.

Inquiry Sent

OK