India's Russian oil imports hit 4-month peak in November
India saw a significant increase in oil imports from Russia in November, reaching a four-month high of 16 lakh barrels per day (bpd). This accounted for about 36% of India's total oil imports last month. The surge is due to India being attracted to Russian oil discounts. Some Western companies have halted purchases from Moscow following its invasion of Ukraine in February last year.
Shift in India's oil suppliers and reduced Middle Eastern share
Russia has now become India's top oil supplier this year, with Iraq and Saudi Arabia trailing behind in November. This shift has led to a decrease in the percentage of Middle Eastern oil in India's crude consumption, dropping to 46% in November from 48% in October. Meanwhile, the share of oil from the Commonwealth of Independent States, including Russia, Kazakhstan, and Azerbaijan, increased to 39% from 36%.
Impact on OPEC share and overall oil imports
Between April and November this fiscal year, India's imports of Russian oil rose by a staggering 77%, averaging 17 lakh bpd. This has resulted in a decline in the share of oil from OPEC member nations during this period, falling to 48% from about 62% last year. In contrast, India's overall oil imports in November were approximately 45 lakh bpd. This is a decrease of 4.5% from October but a growth of 13% compared to the same month last year.
