India’s OPEC imports touched lowest since ‘11
Due to India’s diversification of oil sources to regions like the US, OPEC’S share of India’s oil imports fell to 73% in October, its lowest monthly share since at least 2011. This diversification has been accrued to the fact that local refiners have upgraded plants to process cheaper crude grades.
According to the data, India, the world’s third-biggest oil importer, shipped in 4.56 million barrels per day (bpd) of oil in October, about 3.3% less compared with a year ago. Around 3.43 million barrels per day was sourced from OPEC, which (until now) accounted for about 80% of India’s oil needs.