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India’s oil imports
Why is it in news?
- As per the official data, the overall purchases of oil by India fell to a six-year low.
Details:
- OPEC’s share of India’s oil imports fell to the lowest in at least two decades.
- India is world’s third-biggest oil importer.
- Total crude imports by India fell to 3.97 million barrels per day (bpd) in FY21, down 11.8% from a year earlier.
- India is reducing purchases from members of the Organization of the Petroleum Exporting Countries (OPEC)
- India bought more U.S. and Canadian oil at the expense of that from Africa and West Asia.
- The U.S. emerged as the fifth-biggest supplier, up two places from FY20.
Source: The Hindu.