The share of OPEC oil in India's imports fell to a record low in fiscal year 2024-25 as refiners continued to gorge on cheaper oil from Russia, the top oil supplier to New Delhi for the third straight year, data obtained from trade and industry sources showed.
India, the world's third biggest oil importer and consumer, has been tapping Russian oil sold at a discount after Western nations imposed sanctions on Moscow over the Ukraine war.
The South Asian nation imported an average of 4.88 million barrels per day (bpd) of oil in the fiscal year to March 2025, a growth of 5% over the previous year.
Import of Russian oil rose 7.3% to 1.76 million bpd, raising its share marginally to 36% while OPEC's share slipped slightly to 48.5%, the data showed.
Russia is an ally of the Organization of Petroleum Exporting Countries but has eaten into the market of key OPEC producers from the Middle East.
