India wants less Russian oil as OPEC takes more of the market.

Russia sees its oil output falling by up to 17% in 2022: document | Arab News

India’s oil imports from Russia have declined while OPEC’s share has increased, impacting the oil & gas and energy sectors. Indian companies like Reliance Industries and ONGC could be affected. Retail investors should monitor the situation closely.


India’s oil imports from Russia have fallen to a nine-month low, while OPEC’s share of the Indian oil market has risen to a ten-month high. This shift is likely due to a combination of factors, including increased discounts on Russian oil and a desire by Indian refiners to diversify their supply sources.

Industries Impacted:

  • Oil & Gas
  • Energy

Public Companies Traded on Indian Stock Exchanges:

  • Reliance Industries (RIL)
  • Oil and Natural Gas Corporation (ONGC)

Potential Impact on Stock Prices:

  • Reliance Industries’ stock price could be negatively impacted by a decrease in Russian oil imports.
  • ONGC’s stock price could benefit from an increase in OPEC oil imports.

Impact on Retail Investors:

  • Retail investors should monitor the situation closely and consider the potential impact on the companies they invest in.
  • Diversifying one’s portfolio can help mitigate risk in volatile markets.

Original Analysis:

The decline in India’s imports of Russian oil is likely to have a significant impact on the global oil market. Russia is one of the world’s largest oil exporters, and India is one of its largest customers. A decrease in Indian demand could lead to lower oil prices, which would benefit consumers around the world.

However, the shift towards OPEC oil could also have negative consequences. OPEC has a history of manipulating oil prices, and there is a risk that it will do so again if it feels that its market share is threatened. This could lead to higher oil prices, which would harm consumers and businesses.

Overall, the impact of India’s reduced appetite for Russian oil is complex and will depend on a number of factors. Retail investors should carefully consider the potential risks and rewards before making any investment decisions.


Verma, Nidhi. “India’s appetite for Russian oil reduces, share slips to lowest in 9 months as OPEC gains.” The Economic Times. 22 Nov. 2023. Web.

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