OPEC positive aspects India oil market share in October, Russia slips

NEW DELHI, Nov 22 (Reuters) – OPEC’s share in India’s oil imports in October hit a 10-month excessive as refiners purchased extra crude from Saudi Arabia and the United Arab Emirates after reductions narrowed for Russian oil that month, commerce knowledge confirmed.

Russia’s share of the Indian market in October slipped to the bottom in 9 months, in keeping with Reuters calculations based mostly on ship monitoring knowledge from commerce sources.

India, the world’s third-biggest oil importer and shopper, sometimes depends on producers within the Center East for many of its oil wants and has inspired refiners to diversify to cheaper alternate options to chop prices.

The South Asian nation has emerged as the highest purchaser of the Russian seaborne oil bought at a reduction after Western nations stopped shopping for from Moscow following its invasion of Ukraine.

India imported about 4.7 million barrels per day (bpd) of crude in October, up 8.4% from the earlier month as refiners elevated purchases to satisfy increased native gasoline demand through the festive season, the info confirmed.

Imports from Saudi Arabia and the United Arab Emirates jumped to a 7-month excessive, up about 53% and 63% respectively in October from the earlier month, the info confirmed.

That helped carry the share of the producers within the Group of the Petroleum Exporting Nations to 54% in October, up from 50% in September, in keeping with the info.

India imported on common 1.56 million barrels per day (bpd) of Russian oil in October, up 1.2% from the earlier month, the info confirmed.

Regardless of the rise, Russian oil’s share in India’s October imports slipped to 33% from 35% in September.

Russia was the highest oil provider to India in April to October, the primary seven months of this fiscal yr to March 2024, adopted by Iraq and Saudi Arabia.

Greater consumption of Russian oil boosted the share of the Commonwealth of Unbiased States (CIS) in India’s oil imports to the very best throughout April-October, the info confirmed.

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Nidhi Verma is an award-winning journalist working with Reuters. Presently, she is working as Crew Chief-Power in India. She has greater than 20 years of expertise in protecting India and international vitality sector. Her tales present a brand new dimension of the vitality sector, the nuances of the oil commerce, the position of geopolitics and the diplomatic efforts {that a} nation makes to mitigate the affect of exterior shocks.