Hitting the lowest monthly share since at least 2011, OPEC’S share of India’s oil imports fell to 73 percent in October as refiners shipped in fuel from the US and other suppliers. India usually imports about 80 percent of its needs from members of the OPEC. As local refiners have upgraded plants to process cheaper crude grades, India has been diversifying its sources of oil. India’s gasoil demand has been plunging. However, due to new marine fuel rules from January, the overall demand in Asia has been relatively strong. India boosted purchases from Nigeria to make up for lower Saudi purchases. Its third-biggest supplier for last month is Nigeria. About 3.3 percent less compared with 2018, India shipped in 4.56 million bpd of oil in October. The country’s fuel demand in October declined by 1.4 percent from a year earlier. Meanwhile, India’s posted a drop by the steepest in about three years in diesel consumption. Related stories:
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Published on November 19, 2019 7:15 PM (GMT+8)Last Updated on December 30, 2019 7:09 PM (GMT+8)
