Russia’s cheap crude sends OPEC’s market share in India to a record low

Russia has rerouted its oil exports away from Europe towards Asia. Suriyapong Thongsawang/Getty Images India’s imports of crude oil from OPEC dropped to an all-time low of 46% in April, down from 72% a year ago. Russia accounts for 36% of India’s oil imports, versus less than 1% before Moscow launched its war on Ukraine. Imports from Russia have surpassed the combined purchases from Iraq and Saudi Arabia. The Organization of the Petroleum Exporting Countries has seen its market share in India shrink to a record low amid a flood of cheap Russian oil imports. The cartel’s share dropped to…