Saudi Arabia, Russia, Iraq, and the UAE, major OPEC+ members, have increased oil exports to India, the world’s third-largest crude consumer. According to statistics, these four nations raised their combined crude shipments to India by 375,000 barrels per day (bpd) in May compared to April, earning a market share of almost 78%.
The OPEC+ commitment to raise output by 359,000 bpd under the alliance’s production plan saw these four countries exceeding their pledged production increase.
Russia remains India’s leading supplier, benefiting from discounted barrels. Saudi Arabia increased oil production by 166,000 bpd and shipments to India by 135,673 bpd, boosting its market share to 13.1%.
Meanwhile, Africa’s proportion of India’s oil imports declined significantly, from 11.8% to 4.9%, while US crude exports to India dropped from 7% to 5.7%. Saudi Aramco’s decision to cut the May official selling price for Arab Light oil by $2.30 per barrel, the lowest in over four years, has increased its competitiveness.
Eight OPEC+ countries intend to boost supply by 411,000 bpd in June and July, keeping crude prices steady between $60 and $65 per barrel, well below the 2024 average of $80 per barrel.
