Russian Oil Shrinks OPEC’s Share in India’s Imports to Record Low

Quick Summary

• A recent report indicates that OPEC’s share in India’s oil imports has dropped to a record low.
• The decline is attributed to India’s increased purchase of discounted Russian crude oil.
• This shift comes amidst global geopolitical developments and India’s strategy to secure energy supplies at competitive rates.

Indian Opinion Analysis
India’s increasing reliance on Russian crude oil reflects pragmatic energy diversification efforts amid volatile global markets. By capitalizing on discounted supplies, India reduces its dependence on customary suppliers like OPEC, ensuring cost efficiency and bolstering energy security in the face of geopolitical shifts. While this approach provides economic advantages, it may lead to evolving trade dynamics with longstanding partners such as OPEC nations requiring recalibration of diplomatic and economic engagements going forward.

Read more: Economic Times Article