Capture 78% market share: Top OPEC+ suppliers increase crude shipments, dominating India’s oil import market
India’s leading oil suppliers—Saudi Arabia, Russia, Iraq, and the UAE—have collectively ramped up crude oil shipments by 375,000 barrels per day (bpd) in May compared to April, according to energy tracker Vortexa. These four OPEC+ members now account for approximately 78% of India’s crude oil imports, strengthening their hold on the world’s third-largest oil consumer, reported daijiworld.com.
In May, Saudi Arabia raised its output by 166,000 bpd, exporting an additional 135,673 bpd to India and increasing its market share to 13.1%. Russia, the largest supplier to India benefiting from ongoing discounts, boosted output by 79,000 bpd, while Iraq and the UAE increased theirs by 37,000 bpd and 77,000 bpd respectively. Their exports to India also rose sharply, with combined market share climbing 8.1 percentage points to 77.5%.
In contrast, the share of African crude suppliers to India fell sharply from 11.8% to 4.9%, and US crude exports dropped from 7% to 5.7%. Saudi Arabia’s competitive pricing strategy included a $2.30 per barrel cut for its Arab Light crude in May—the lowest in nearly four years—making Middle Eastern oil more attractive compared to Brent-linked grades.
Saudi Arabia, Russia, Iraq, and the UAE exceeded OPEC+ production commitments, increasing their exports to India and outpacing other suppliers like Africa and the US.
Looking ahead, eight OPEC+ countries plan to increase output by 411,000 bpd during June and July, aiming to stabilize crude prices between $60-$65 per barrel, below the 2024 average of $80. An Indian refinery executive noted, “Saudi is offering attractive prices to gain share in India,” highlighting the intensifying competition among oil suppliers in the expanding Indian market.
