Mideast oil gains Indian market share over African grades

India’s oil imports from the Middle East hit an eight-month high in October after producers reduced official selling prices (OSP) while its purchases of African crude fell to a three-month low, data obtained from sources showed.

Refiners in India, the world’s third biggest oil importer and consumer, have diversified crude imports to improve margins.

Middle Eastern oil imports in October rose 27% from the previous month to 2.7 million barrels per day (bpd) while African imports declined 39% to 439,300 bpd, the data showed.

Imports from Latin America rose 89%, due to higher purchases of Venezuelan oil by Reliance Industries.