At 73%, India’s oil imports from OPEC nations hit lowest since 2011
OPEC’S share of India’s oil imports fell to 73 per cent in October, its lowest monthly share since at least 2011, tanker data from sources showed, as refiners shipped in fuel from the United States and other suppliers.
India, which usually imports about 80 per cent of its needs from members of the Organization of the Petroleum Exporting Countries, has been diversifying its sources of oil as local refiners have upgraded plants to process cheaper crude grades.
India, the world’s third biggest oil importer, shipped in 4.56 million barrels per day (bpd) of oil in October, about 3.3 per cent less compared with a year ago, data showed. Of that, it bought 3.43 million bpd oil from OPEC.
