The country bought more American crude: the trade
OPEC’s share of India’s oil imports fell to its lowest for at least two decades of the year until the end of March, as the world’s third-largest economy buys aggregate. Asia having fallen to their lowest level in six years, data from industry and trade sources showed.
Total crude imports from the world’s third-largest oil importer fell to 3.97 million barrels per day (b / d) in FY21, down 11.8% year-on-year previous, according to the data.
India bought more US and Canadian oil at the expense of Africa and West Asia, reducing purchases by members of the Organization of the Petroleum Exporting Countries (OPEC) to around 2.86 million. b / d and reducing the group’s share of imports to 72% from around 80% previously. This is the lowest share since at least FY02, before which raw import data is not available.
US and Canadian oil respectively accounted for about 7% and 1.3% of India’s imports, up from 4.5% and 0.60% a year earlier.
The United States became the fifth supplier, up two places from FY20.