By Nidhi Verma and Gavin Maguire
NEW DELHI (Reuters) – OPEC’s share of India’s oil imports fell in 2021 to the lowest level in more than a decade, despite a 4% rebound in annual oil purchases by the world’s third-largest oil importer, showed data obtained by industry sources.
Members of the Organization of the Petroleum Exporting Countries (OPEC), mainly from the Middle East and Africa, have seen their share of the pie in India shrink to 70% in 2021 from a peak of 87% in 2008, a Reuters analysis based on in the data from 2007 to 2021.
India’s oil imports rebounded 3.9% to 4.2 million barrels per day (bpd) in 2021, according to the data, but remained below pre-pandemic 2019 levels.
Imports are expected to rise further this year as demand for fuel is recovering, with the government resisting lockdowns despite the rise in Covid-19 cases, while refinery margins are expected to remain strong.
Last year, refiners had to cut oil processing for a few months as lockdowns hit diesel and jet fuel consumption.
“With fears of the Omicron spread receding and refineries likely to be operating at full capacity because of improving cracks and fuel demand, Indian oil imports could increase by around 5%,” said MK Surana, president of state-owned Hindustan. Petroleum Corp (HPCL).
Iraq has remained India’s top supplier in 2021 since overtaking Saudi Arabia in 2017.
Iraqi supplies to India are expected to increase in 2022 as HPCL will withdraw 45% more oil for its expanded refining capacity.
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