OPEC’s share of India’s oil imports fell to 78.3% in 2019/20, its lowest in at least 19 years, data obtained from industry and trade sources show, as refiners in Asia’s third biggest economy increased imports of U.S. and Mediterranean grades.
India, which usually imports about 80% of its needs from members of the Organization of the Petroleum Exporting Countries (OPEC), has been diversifying its suppliers as local refiners have upgraded plants to process cheaper crude grades.
The world’s third-biggest oil importer shipped in 4.5 million barrels per day (bpd) of oil in the last fiscal year to March 2020, about 0.9% less compared with a year ago, data showed.
Of that, about 3.53 million bpd came from OPEC members.
