OPEC Regains India Oil Market Share as Russian Imports Plummet in December

• India's Russian oil imports hit a two-year low in December due to Western sanctions, impacting refiners' profits.
• OPEC's share of India's oil imports rose to an 11-month high of 53.2% in December, while Russia's share fell to 27.4%.
• Reliance Industries, a major buyer, stopped receiving Russian crude under its Rosneft deal in late December.
• Despite the drop, Russia remained India's top oil supplier in December and for the first nine months of the fiscal year.
• Analysts predict Russian oil imports to average 1.2-1.4 million bpd in January, viewing the dip as a short-term disruption.

Why It Matters: Western sanctions caused a sharp decline in India's Russian oil imports, boosting OPEC's market share.