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OPEC is expected to gain a larger proportion of India's oil imports in the next decades due to the proximity of its supply, according to the producer group's president, after its dominance was recently weakened by competition from inexpensive Russian crude.
According to industry figures, India's proportion of OPEC oil imports fell from over 65% in 2022 to 50% last year, when New Delhi became the largest importer of seaborne Russian petroleum in the aftermath of Moscow's invasion of Ukraine.
OPEC members and other producers must adapt to changing market dynamics due to the "redirection" of trade flows since early 2022, with more Russian oil supply to India and elsewhere in Asia, Haitham Al Ghais, said OPEC's secretary general.
"OPEC Middle East producers remain ideal suppliers to the Indian market, given their close proximity. It is a perfect supplier-consumer fit, and cost efficient for all parties," Al Ghais said, adding he sees a greater role for OPEC members in India's development beyond oil.
According to industry sources, OPEC supplied 54% of India's imported oil in January. "We expect levels to rise further in the coming decades as India's economic development continues," Al Ghais said, adding that "many" national oil companies from OPEC members plan to invest in India's refining sector. India plans to expand its refining capacity to 9 million barrels per day (bpd) by 2030, from 5.02 million bpd currently.
India, the world's third-biggest oil importer and consumer, is forecast by the International Energy Agency to be the world's biggest oil demand growth driver through 2030. OPEC expects Indian demand to more than double by 2045 to 11.7 million bpd.
Also Read : Russia’s disrupted oil trade crimps margins for Indian refiners India to lead globe in growing fuel consumption, says IEA
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