INSUBCONTINENT EXCLUSIVE:
NEW DELHI - 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 (OPEC),
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 from OPEC
OPEC's share of India's imports in September was about 81 per cent although total volumes were lower, as the South Asian nation cut
imports to a three-year low due to maintenance at some refineries
OPEC oil output dipped to an eight-year low in September after attacks on Saudi oil plants led to production cuts, a Reuters survey showed
The kingdom's output has since recovered
In October, Iraq replaced Saudi Arabia as India's top oil supplier, tanker arrival data showed, with refiners cutting purchases of the
Sources who supplied the data asked not to be named
"Saudi had raised its official selling price (OSP)
That led to some buyers migrating to Iraqi and other producers," said Ehsan Ul Haq, an analyst with Refinitiv
Saudi Arabia raised its October OSP for its Arab Light grade for Asia by $0.60/barrel compared to a $0.35/barrel increase in Iraq's Basra
To make up for lower Saudi purchases, India also boosted purchases from Nigeria, its third-biggest supplier in October, as well as from
India shipped in a record 336,000 bpd of United States oil in October, about 7.5 per cent of total imports, as private refiner Reliance
Industries bought three tanker cargoes, data showed
The United States was Indian's fourth-biggest supplier in October
"Indian demand for gasoil has been falling but overall Asian demand has been relatively strong because of new marine fuel rules from
And good diesel cracks is prompting refiners to buy distillate rich crudes like that of Nigeria," Haq said.
Refining margins or cracks for
10 ppm gasoil traded at $15.46 per barrel over Dubai crude during Asian trade on Monday
Cash premiums for the fuel climbed to 34 cents per barrel to Singapore quotes, compared with 31 cents per barrel on Friday
India's fuel demand in October declined by 1.4 per cent from a year earlier, and its diesel consumption fell by the steepest in about
three years, government data showed on Thursday.