August 24, 2020
1 min read

OPEC’s share go down in Indian oil imports

The COVID-19 disruptions have changed the structure of the country’s oil and gas sector with the share of OPEC crude in Indian oil imports falling to a decade-low level in July.

As per data with industry sources, the oil cartel’s share in India’s oil imports fell to about 67 percent in July as against highs of 75-80 percent maintained earlier.

While the share of OPEC crude has been reducing for some time in wake of India expanding its oil import basket to include newer territories in Africa, South, and North America, the fall in July has come in wake of COVID-19 which has squeezed demand in the domestic market.

In July, India’s oil imports had also fallen by 36.6 percent (YoY) to 12.3 million tonnes, the lowest in a decade. The demand is also low on account of restricted movement of vehicles that is the case during the monsoon months.

The lower domestic demand has also pushed Indian refiners to operate their refineries at 70-80 percent capacity. This means they are using less crude to produce products. This has also impacted imports of crude.

Iraq and Saudi Arabia are the two of the country’s largest oil sourcing markets. Iraq currently enjoys the top position among markets that supply crude to India.

Also Read: 638 MT of Crude Oil Lost in Assam Fire

Previous Story

Philippines blasts:10 dead, 40 injured

Next Story

SC Collegium approves 28 permanent judges for Allahabad HC

Latest from Business

GST Reform Fuels Record Car Sales Surge

India’s automotive industry is experiencing a massive boost following the implementation of GST 2.0, with car sales more than doubling to over half a million units in just a month, according to

India’s E&M Sector Enters a New Growth Phase

India’s cinema market is multilingual, and many regional industries are now rivalling Hindi output in volume and box-office share … writes Rafeek Ravuther The Indian film sector is undergoing a meaningful transformation.

SBI Simplifying KYC Process

SBI’s research arm noted that the RBI’s decision to maintain the policy rate reflects a balanced approach amid global uncertainties, supported by stable liquidity and external conditions State Bank of India (SBI)

UPI Powers Digital Revolution

New innovations such as LiteX (offline payments), tap-and-pay, credit card integration, UPI Autopay, and UPI for IPO subscriptions are pushing the platform from a payment tool to a full-fledged embedded finance ecosystem Unified
Go toTop