OPEC + is now with 7 member countries Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia and Oman.
An article in Economic Times – 4th May 2026 caught my attention – it’s about the increase in oil production which remains on paper only, but cannot be implemented as long as the Strait of Hormuz constraints are not sorted. Why the need to increase supplies is simply to showcase that despite the UAE exit it will be “business as usual” and still maintain its superiority as OPEC – still calls the shots.
How does this matter to India? – India imports around 40-50% of its crude from OPEC +. Russia is our top supplier and with her dependency on Saudi Arabia, Iraq, and UAE 82% of our requirement is met.
How much oil does India import in barrels? – according to CEIC data in Dec 2025 India ha imported 4,985.548 barrel/day. So, oil is still giving us a tough time… for India, the situation reinforces the importance of diversification, strategic reserves, and a gradual transition towards alternative energy sources. Until then, oil will continue to remain both an economic necessity and a strategic vulnerability
