Demand squeeze in India reduced OPEC's share of oil imports

NEW DELHI: 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 per cent in July as against highs of 75-80 per cent 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 per cent (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. (IANS) 

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